U.S. Reps. ask Biden administration to investigate monopoly created by Live Nation-Ticketmaster merger

 

Although the Live Nation merger with Ticket Master took place in 2010, on Monday, five representatives have signed a letter asking the Biden administration to look into the merger which they call a monopoly. They have addressed the letter to the Attorney General, Merrick Garland and the acting chair of the Federal Trade Commission, (FTC), and Rebecca Slaughter.

 

The letter said that there is overwhelming evidence that the 2010 merger between Live Nation and Ticketmaster must be revisited as the two companies have combined together and have “strangled competition.” They mention that according to Government Accountability Office’s (GAO) 2018 report, more that 80 percent of the venue ticket sales market is captured by Live Nation Entertainment (LNE).

 

The letter also said that the FTC had held an important workshop in 2019 to examine LNE’s anticompetitive behavior. The letter adds that more could be done by the federal agency to investigate its anticompetitive actions that have also been reported by the media.

 

 

LYV

 

It mentioned how the Department of Justice (DOJ) had found that LNE has often violated terms of the agreement of the merger. The company had threatened venues and had “forced bundling of artists with ticketing services.” The letter said that the extension of the consent decree in 2019 to 2025 was insufficient and the DOJ should take steps to bring back competition.

 

They mentioned that the introduction of a “SafeTix” smart phone ticketing product was introduced ostensibly to reduce fraud but was unfairly used to resell or gift tickets under the Ticketmaster system.

 

It said that as the pandemic was subsiding, restrictions on live shows wouldn’t also be eased and the departments should take action before LNE starts dictating conditions when events returns center stage as would soon happen in New York and in New Jersey in the near future.

 

In conclusion, the representatives urge the FTC and the DOJ to protect the future of consumer’s access to live events by immediately starting an investigation into Live Nation Entertainment’s “potentially unfair,” “deceptive” and “anticompetitive practices.”

 

The five representatives who signed the letter are as follows:

 

  1. Bill Pascrell Jr. (D-NJ-09)
  2. Frank Pallone Jr. (D-NJ-06)
  3. Jerrold Nadler (D-NY-10)
  4. Jan Schakowsky (D-IL-09)
  5. David Cicilline (D-RI-01)

Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer


>