Last week it was announced that Bragar Eagel & Squire, a U.S. law firm, will run an investigation into Live Nation over allegations of anti-competitive behaviour.
The New York Times recently published an article which explained of claims that Live Nation was using its power to pressure venues to use Live Nation’s Tickemaster for the ticketing of events. It is alleged that this is in breach of an agreement that Live Nation entered into with the US Department of Justice when Ticketmaster and Live Nation merged.
Jared Smith, president of Live Nation, have provided a long response that in short disputes these anti-competitive allegations. Smith claims that Live Nation has adhered to the agreement between itself and the Department of Justice. Stating that: “It is absolutely against Live Nation and Ticketmaster policy to threaten venues that they won’t get any Live Nation shows if they don’t use Ticketmaster. Live Nation is the most artist-focused company in the world, and misusing our relationship with artists to ‘settle scores’ with venues would be both bad business and counter to our core beliefs”.
Whilst ticket prices go up, Live Nation’s share price went down following the announcement of the investigation.
Lawyers for Bragar Eagel & Squire have stated: “if you purchased or otherwise acquired Live Nation shares and suffered a loss, continue to hold shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters”
