Live Nation Entertainment

Live Nation Entertainment, Inc.
Public
Traded as NYSE: LYV
S&P 400 Component
Industry Entertainment
Founded January 25, 2010 (2010-01-25)
Headquarters Beverly Hills, California, U.S.
Area served
 Worldwide
Key people
Services
Revenue Increase US$10.337 billion (2017)[1]
Decrease US$91 million (2017)[1]
Decrease US$-6 million (2017)[1]
Total assets Increase US$7.504 billion (2017)[1]
Total equity Decrease US$1.181 billion (2017)[1]
Owner Liberty Media (34.2%)[2]
Number of employees
 ~8,800 (December 2017)[1]
Subsidiaries Roc Nation
Ticketmaster
Live Nation Concerts
Front Line Management Group
Live Nation Network
C3 Presents
AC Entertainment
Website livenationentertainment.com

Live Nation Entertainment is an American global entertainment company, formed from the merger of Live Nation and Ticketmaster in 2010. It owns, leases, operates, has booking rights for and/or equity interests in a large number of U.S. entertainment venues.

Merger

The merger initially received regulatory approval in Norway and Turkey in 2009.[3] In October 2009, the United Kingdom's Competition Commission provisionally ruled against the merger.[4] On December 22, 2009, the Competition Commission reversed its decision and cleared the proposed merger.[3] The United States Justice Department approved the merger on January 25, 2010, with some conditions to which both parties agreed.[5]

As part of the agreement with governments to merge, Ticketmaster had to sell its ownership in its self-ticketing company, Paciolan, and Live Nation Entertainment was placed under a 10-year court order prohibiting it from retaliating against venues that choose to accept competitors' ticket-selling contracts, and it "must allow venues that sign deals elsewhere to take consumer ticketing data with them".[6][7]

In addition, the new company had to license a copy of its ticketing software to two companies—Anschutz Entertainment Group (AEG) and either Comcast Spectacor or another "suitable" company—so that both companies could compete "head-to-head" with Ticketmaster for venues’ business. AEG was given the option after five years to buy the software, replacing it with something else, or partnering with another ticketing company.[8]

Opposition

The merger that formed the company was opposed by members of the United States Congress, business rivals, and the Computer & Communications Industry Association (CCIA), whose members include Google, Oracle, Microsoft, Yahoo, Intuit, and eBay.[9][10]

Bruce Springsteen said the merger "would make the current ticket situation even worse for the fan than it is now would be Ticketmaster and Live Nation coming up with a single system, thereby returning us to a near monopoly situation in music ticketing".[11]

In a January 25, 2010 press release, the TicketDisaster.org group—a coalition of consumer rights and anti-trust groups—also issued the following statement about the proposed Live Nation-TicketMaster merger:

"Despite its "monopoly-like dominance" controlling 70 to 80 percent of all concert ticket sales, Ticketmaster is unabashedly seeking to grow its empire - all to the detriment of the average fan. Ticketmaster is now trying to dampen competition by merging with Live Nation, the nation's largest concert promoter and second largest primary ticket seller. That merger is coming under heavy fire from consumer and industry groups and Members of Congress, particularly because of the clear anti-consumer and anti-competitive effects. As the Department of Justice reaches the final round of reviewing this merger, only one question must be answered: will the merger lead to increased prices, poorer service, or less innovation?"

2018 Allegations of Antitrust Violations and DOJ Investigation

In 2018, the United States Department of Justice launched an investigation following complaints that Live Nation had engaged in anti-competitive practices following the merger. AEG has alleged that Live Nation had pressured them into using Ticketmaster as a vender. If AEG had refused, they would have lost out on business. The allegations of antitrust violations have resulted in a re-examination of the merger between Ticketmaster and Live Nation. Much of the initial criticisms of the merger has been re-affirmed.[12][13]

Radiohead stage collapse

In June 2013, Live Nation, two other organizations and an engineer were charged with 13 charges under Ontario health and safety laws following the collapse of a stage at a Radiohead concert in 2012 that killed one crew member.[14][15] Live Nation issued a statement denying any wrongdoing and vowing to "vigorously defend" itself.[16] In September 2017, after several delays, the case was dropped under the Jordan ruling, which sets strict timelines on trials.[14] On 30 November 2017, CBC reported that the chief coroner of Ontario, Dirk Huyer, will hold an inquest into Johnson's death.[14]

Company

Leadership

The leadership team at Live Nation Entertainment consists of the following people as of 2017:

Acquisitions and investments

In June 2013, Live Nation Entertainment announced a joint venture with Insomniac Events, a promoter focused on electronic dance music.[19][20]

In December 2014, Live Nation Entertainment acquired Austin-based live entertainment and artist management company C3 Presents.[21]

In October 2016, Live Nation Entertainment bought AC Entertainment, a Knoxville Tennessee music company.[22]

In January 2017, Live Nation Entertainment acquired a controlling interest in BottleRock Napa Valley Music Festival.[23]

In February 2017, Live Nation Entertainment acquired a majority interest in Israeli promoter Blue Stone Entertainment.[24]

In May 2018, Live Nation Entertainment acquired Rock in Rio Music Festival.[25]

References

  1. 1 2 3 4 5 6 "Live Nation Entertainment, Inc. 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. February 2018.
  2. ↑ "Live Nation Entertainment, Inc". Retrieved 2016-10-18.
  3. 1 2 "Ticketmaster and Live Nation Welcome Competition Commission Ruling on Merger" (PDF) (Press release). Ticketmaster Entertainment. December 22, 2009.
  4. ↑ Van Buskirk, Eliot (October 12, 2009). "Live Nation/Ticketmaster Merger Faces Obstacles Here and Abroad". Wired. Retrieved 2009-10-19.
  5. ↑ Chmielewski, Dawn C. and Fritz, Ben and Lewis, Randy (January 26, 2010). "Ticketmaster-Live Nation merger gets Justice Department's approval". The Los Angeles Times. Retrieved January 26, 2010.
  6. ↑ Nakashima, Ryan (January 25, 2010). "Live Nation, Ticketmaster merge after approval". The Washington Post. Associated Press. Retrieved January 26, 2010.
  7. ↑ "Live Nation and Ticketmaster Entertainment Merger Receives U.S. Department of Justice Clearance" (Press release). Live Nation and Ticketmaster Entertainment via CNN. January 25, 2010. Retrieved January 26, 2010.
  8. ↑ Van Buskirk, Eliot (January 25, 2010). "DOJ Approves Modified Ticketmaster, Live Nation Merger". Wired News. Retrieved January 26, 2010.
  9. ↑ Nicholson, Chris V. (22 December 2009). "British Regulator Supports Live Nation-Ticketmaster Merger" – via NYTimes.com.
  10. ↑ Branch Jr., Alfred (January 19, 2010). "Ticketmaster / Live Nation merger: 25,000 contact DOJ to oppose the deal". TicketNews. Archived from the original on January 22, 2010. Retrieved January 26, 2010.
  11. ↑ "Bruce Springsteen "Furious" At Ticketmaster, Rails Against Live Nation Merger". Rolling Stone. February 4, 2009. Retrieved 2009-10-19.
  12. ↑ Live Nation Rules Music Ticketing, Some Say With Threats
  13. ↑ https://news.avclub.com/doj-is-investigating-live-nation-for-possible-antitrust-1824255557
  14. 1 2 3 "'I feel so let down by Canada': Radiohead and drum tech's parents demand answers in his Toronto death". CBC News. Retrieved 2017-11-30.
  15. ↑ "Live Nation, engineer charged in Radiohead stage collapse". CBC News. 7 June 2013. Retrieved 8 June 2013.
  16. ↑ Marc, Hogan (3 October 2016). "Waiting on Justice for the Radiohead Stage Collapse That Killed Scott Johnson | Pitchfork". pitchfork.com. Retrieved 1 December 2017.
  17. ↑ Smith, Ethan (2013-03-14). "Maffei Named Chairman of Live Nation". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-12-12.
  18. ↑ "Stocks". Bloomberg.com. Retrieved 2017-12-12.
  19. ↑ "Electronic Daisy Chain". Spin. Retrieved 2018-08-11.
  20. ↑ "Live Nation Teams With Insomniac Events in 'Creative Partnership'". Billboard. Retrieved 2018-08-11.
  21. ↑ "Live Nation Completes Deal for C3 Presents". Billboard. Retrieved 2017-10-28.
  22. ↑ "Live Nation buys AC Entertainment". The Tennessean. Retrieved 2016-11-16.
  23. ↑ "Live Nation acquires major stake in BottleRock festival". SF Chronicle. Retrieved 2018-08-11.
  24. ↑ "Live Nation acquires majority stake in Israel's Bluestone Entertainment - Music Business Worldwide". Music Business Worldwide. 2017-02-07. Retrieved 2017-12-12.
  25. ↑ "Live Nation Acquires Rock in Rio Festival". Billboard. Retrieved 2018-08-11.
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