‘As far as we can tell, nobody thinks that the fundamentals that drive our promotions business are unlawful,’ exec says
Ticketmaster parent and concert-venue operator Live Nation Entertainment Inc. on Thursday said it believed the Justice Department’s investigation into its competitive practices was in the “mid-stages,” but said it believed that “nobody thinks that the fundamentals” behind its promotions business were breaking the law.
The Journal reported that the probe, which began last year, focused on whether Live Nation restricts concert venues from working with other promoters or ticket sellers when the company strikes deals with artists, and whether those agreements include other restrictions. Rivals, the Journal noted, have argued that Live Nation can drive up ticket prices because of its control over promotions, ticketing and concert venues, and has more money than other promoters to bring artists under its umbrella.
He added later: “We don’t think there’s any real news right now concerning the investigation. We’re completing our document production that they’ve asked for. We haven’t even started depositions. Live Nation earned $483.5 million, or $1.78 a share, in the quarter, compared with $361.4 million, or $1.39 a share, in the year-ago period. Revenue rose 32% to $8.2 billion.The company said it sold 140 million tickets in the year to date, up 17% year-on-year and already surpassing the sale of 121 million tickets for all of last year. Management was also bullish on demand for next year, citing a bigger touring pipeline set to play more shows at bigger venues.
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