1 month ago
Live Nation ain’t turning nan different feature to a stinging assemblage verdict today that labelled nan Ticketmaster-owning performance and talent promoter arsenic a monopoly.
“The jury’s verdict is not nan past connection connected this matter,” nan institution declared hours aft national jurors successful NYC decided Live Nation jacked up fees and worked to stamp retired competition. “Pending motions will find whether nan liability and damages rulings stand,” nan media elephantine added. “Of course, Live Nation tin and will entreaty immoderate unfavorable rulings connected these motions.” (read nan afloat connection below)
Coming aft a 5 week agelong proceedings and 4 days of deliberations (not mention a White House cameo and partisan salvos galore), nan jury’s verdict that nan Michael Rapino-run LN are successful usurpation of national and authorities antitrust laws could spot nan institution forced to divest from Ticketmaster (which it merged pinch successful 2010), look large fines aliases moreover beryllium trim up entirely. With gross of much than $25 cardinal past twelvemonth retired of 55,000 shows and events, Live Nation now has to await Judge Arun Subramanian determining what nan existent damages are.
The past Pam Bondi-led Department of Justice dropped retired of nan two-year-old lawsuit successful early March aft unveiling a surprise(ish) colony with Live Nation 1 week into nan Manhattan-based trial. Needless to say, nan immense mostly of nan DOJ’s 40 authorities partners successful nan action were not pleased. In a matter of days, California AG Rob Bonta, New York’s Letitia James, and 32 different states took nan lead successful nan matter and continued to prosecute nan lawsuit – successfully, arsenic coming proved.
Still, nan “we are fierce competitors” closing arguments words of Live Nation’s lead Lathan & Watkins lawyer David Marriott tin beryllium heard successful nan company’s guidance this afternoon. While seemingly copping to having to salary retired astir $450 cardinal erstwhile each is said and done, Live Nation made it clear besides nan authorities AGs’ triumph creation could beryllium short lived.
Noting nan “already accrued $280 cardinal toward authorities damages and civilian punishment claims” retired of that DOJ settlement, Live Nation noted Wednesday: “Injunctive alleviation will beryllium wished by nan Court aft nan states make a remedy proposal, which we expect successful nan coming weeks. In nan meantime, nan Tunney Act proceedings regarding nan DOJ colony will continue. We stay assured that nan eventual result of nan States’ lawsuit will not beryllium materially different than what is envisioned by nan DOJ settlement.”
Additionally, a Live Nation April 8 revenge memorandum of rule for judgment, which will now beryllium backmost successful play, asserts a ample chunk of nan states’ (and 1 clip nan feds) premise of nan company’s alleged manufacture power arsenic off-base — measurement disconnected base.
“Plaintiffs ne'er presented immoderate grounds to nan assemblage identifying nan 257 venues they opportunity are successful their ‘major performance venue’ markets,” nan 35-page MoL says. “The assemblage cannot perchance find that this group of venues constitutes a marketplace erstwhile Plaintiffs ne'er moreover identified them.” It adds: Representatives from superior ticketing companies likewise indicated that they do not position title successful nan manufacture arsenic constricted to Plaintiffs’ awesome performance venues; rather, nan aforesaid superior ticketing companies that compete to summons those venues besides compete to summons different venues— clubs, theaters, amphitheaters, arenas, and stadiums.”
Or stripping it down, Live Nation say: “Plaintiffs’ attraction connected “major performance venues” besides finds nary ground successful nan record. Plaintiffs are trying to person it some ways.”
Risking a seismic break-up and a monolithic unrecorded intermezo displacement (or some and more),we will spot which measurement this goes .. and goes complete nan adjacent mates of years arsenic Live Nation conflict this successful each tribunal they tin (Hi SCOTUS)
Read Live Nation’s afloat consequence to today’s jury’s verdict here:
The jury’s verdict is not nan past connection connected this matter. Pending motions will find whether nan liability and damages rulings stand.
Live Nation will soon renew its mobility for judgment as a matter of law, which nan Court deferred until aft nan assemblage returned its verdict. That mobility addresses each liability theories. The Court antecedently noted that Live Nation’s mobility raises superior issues.
There is besides a pending mobility to onslaught nan damages grounds connected which nan jury’s grant was based. The Court deferred ruling connected that mobility arsenic well, while noting important concerns pinch nan damages expert’s analysis.
Of course, Live Nation tin and will entreaty immoderate unfavorable rulings connected these motions.
The jury’s grant of $1.72 per summons applies to a constricted number of tickets—those sold astatine 257 venues, which correspond astir 20% of full tickets—and only to purchases by fans (excluding brokers) successful definite states complete nan past 5 years. Based connected that scope, we judge nan aggregate azygous damages fig would beryllium beneath $150 million, which would beryllium trebled. In relationship pinch nan DOJ settlement, Live Nation has already accrued $280 cardinal toward authorities damages and civilian punishment claims.
Injunctive alleviation will beryllium wished by nan Court aft nan states make a remedy proposal, which we expect successful nan coming weeks. In nan meantime, nan Tunney Act proceedings regarding nan DOJ colony will continue. We stay assured that nan eventual result of nan States’ lawsuit will not beryllium materially different than what is envisioned by nan DOJ settlement.
