Live Nation settles antitrust lawsuit with Justice Department | CNN Business

Live Nation and Ticketmaster have reached a settlement with federal authorities over accusations the ticket giant’s business practices created a monopoly of the live events music industry. A senior justice official said in a briefing Monday that the agreement will give consumers more options and bring down prices. However, the settlement avoided a breakup of Live Nation and Ticketmaster, which was a demand from some of the more than 30 states suing the company. In a major change, Ticketmaster will let facilities use competitors like SeatGeek and StubHub to sell tickets, no longer requiring them to work exclusively with Ticketmaster. In addition, Live Nation is being forced to divest 13 amphitheaters. That amount could increase if more states sign on to the settlement. The DOJ didn’t immediately release the states that have. Terms of the agreement must be approved by a federal judge. A trial began last week in New York. In a statement, Live Nation CEO Michael Rapino said this marks a “major step in improving the concert experience for artists and fans throughout the United States.” “By giving artists greater flexibility in choosing their promotional partners and ticketing