The Ticketmaster Breakup Trial Just Got Messier

**Jessica Mendoza** (0:05)
It's one of the biggest anti-trust trials in the country. The fight to break up the concert giant Live Nation and its ticketing arm, Ticketmaster. And in the weeks leading up to the trial, our colleague Dave Michaels kept hearing the same thing.

**Dave Michaels** (0:20)
I was checking in very often, and I was told without any doubt from sources on both sides, it's going, it's on.

**Jessica Mendoza** (0:31)
And when the trial finally began this month, the Justice Department came out swinging.

**Dave Michaels** (0:36)
The trial had started on March 2nd, and the first week had gone really well for the Justice Department. They had put on some of their strongest witnesses, people who were talking about the Justice Department's theory of this case, which is that Live Nation and Ticketmaster kind of work in combination to lock up all parts of this entertainment business.

**Jessica Mendoza** (1:02)
The trial was expected to last months, but after just one week, a bombshell.

**SPEAKER_3** (1:09)
Live Nation has reached a surprise settlement in its antitrust case with the Justice Department.

**SPEAKER_4** (1:14)
The two sides now reaching a tentative agreement that avoids breaking up the world's largest live entertainment company.

**Jessica Mendoza** (1:23)
Under this surprise deal, there would be new limits on exclusivity, fees and venue access. But there would be no break up of Live Nation and Ticketmaster.
So we got a settlement. Is the case over?

**Dave Michaels** (1:39)
Well, the Justice Department was quarterbacking this trial, and they're out of the game now, but that doesn't mean the trial is over. They're going to have to hand the ball off and it'll continue.

**Jessica Mendoza** (1:52)
Welcome to The Journal, our show about money, business and power. I'm Jessica Mendoza. It's Monday, March 16th.
Coming up on the show, Deal or No Deal? Why the Live Nation Anti-Trust Trial Lives On.

**SPEAKER_5** (2:22)
This episode of The Journal is presented by Intuit Enterprise Suite. If your finance team spends more time finding data than using it, if there's one entity here and one here and one here and one here, if scaling your business feels like starting over, you need the Intuit ERP. Intuit Enterprise Suite, the AI native ERP is here from the makers of QuickBooks. Learn more at intuit.com/erp.

**SPEAKER_6** (2:50)
This episode is brought to you by Alexa Plus. Say hello to Alexa Plus and see how Alexa can do more for you. Need tickets to that last minute show? Craving your favorite restaurant? Sit back, relax and talk naturally. Alexa's on it. Alexa learns your preferences to create a personalized experience. And now Alexa Plus is free with Prime on your Amazon devices like Echo and Fire TV. Learn more at amazon.com/alexaplus.

**Jessica Mendoza** (3:25)
Live Nation isn't just a concert company. As our colleague Dave Michaels puts it, it's a fortress that was built over time. Not with stone walls, but with contracts, exclusivity deals that give it control over key parts of the live entertainment business.

**Dave Michaels** (3:41)
Live Nation has four or five different segments to its business. It promotes tours, it's a promoter. It owns venues, it owns amphitheaters, it owns arenas. It can make money from advertising inside of its venues or at the venues it operates.

**Jessica Mendoza** (4:00)
And then there's ticketing.

**SPEAKER_7** (4:02)
Tickets are on sale now, and Ticketmaster outlets are charged by phone.

**Jessica Mendoza** (4:07)
Live Nation owns Ticketmaster, which has an up to 80% market share in ticketing. The Justice Department's Antitrust Division sued Live Nation in 2024, alleging it's an illegal monopoly.

**Dave Michaels** (4:19)
I mean, there was bi-partisan frustration with Ticketmaster and Live Nation. So there was bi-partisan buy-in on the lawsuit. So there were almost 40 attorneys general who joined the lawsuit. And there were AGs from Republican states like Texas and Tennessee and Utah.

**Jessica Mendoza** (4:40)
A main goal of the antitrust case was to force Live Nation to shed Ticketmaster, opening up the market for more competition. The state attorneys general said they were standing up for residents fed up with junk fees and a ticketing system dominated by Ticketmaster.
So Dave, cut to this month, the trial finally begins. Who does the jury hear from?

**Dave Michaels** (5:03)
We go into witnesses and that first witness is John Abomandi, who's running the Barclays Center. He's one of their key witnesses. He's there to tell the jury that you can't get good shows if you don't use Ticketmaster and you will feel the threats of Live Nation if you break with Ticketmaster.

**Jessica Mendoza** (5:23)
To underscore this point, Abomandi testified about ending an agreement with Ticketmaster in 2021 and switching to a ticketing competitor, SeatGeek. That's when he says his phone rang. Live Nation CEO, Michael Rapinoe, was on the line.