Live Nation’s Settlement Efforts Stalled Ahead of DOJ Trial
Multiple efforts by Live Nation Entertainment Inc. to settle a federal antitrust lawsuit seeking to break up the company have been rebuffed by government lawyers for now, leaving the case on track to go to trial next week.
Live Nation has been trying for months to settle the case, according to people familiar with the matter. Jury selection is set for Monday in the trial, which could last for six weeks and feature top names from the live entertainment industry, including Live Nation executives Michael Rapino and Joe Berchtold.
Related: Live Nation Loses Bid for Full Dismissal of Antitrust Suit
The lack of progress as the judge moved the case toward trial means any settlement before next week is highly unlikely. However, negotiations remain ongoing and it’s still possible that a settlement could be reached during or after the trial, said the people, who asked not to be named discussing confidential matters.
Settlement talks hit a hurdle earlier in February after then DOJ antitrust chief Gail Slater stepped down, said the people. Slater’s departure, along with that of her top deputy Mark Hamer days earlier, made it both logistically and politically difficult to settle the case before the trial starts next week, the people said.
Spokespeople for the DOJ and Live Nation didn’t immediately respond to requests for comment.
People close to President Donald Trump have wielded significant influence over the Justice Department’s antitrust efforts and during Slater’s tenure superiors often wrested control over key decisions from her, Bloomberg News has reported.
The Biden-era antitrust case was brought by the Justice Department and more than two dozen state attorneys general alleging Live Nation illegally monopolizes the live music industry and needs to be broken up.
If Live Nation loses, a judge would decide the remedy, including whether the company should be broken up. Jurors would determine any damages that the company would have to pay to states on behalf of consumers.
Top photo: Live Nation offices in Hollywood. Bloomberg.