Business

Endeavor’s Ari Emanuel has left Live Nation court after antitrust lawsuits, says US

The U.S. Department of Justice said Monday that Endeavor chief executive Ari Emanuel and Mark Shapiro, the entertainment group’s chairman, have resigned from the Live Nation council after expressing concerns about the overlap of the two companies.

The justice department, which has intensified its antitrust control under the Biden administration, he said Monday that Endeavor and Live Nation compete closely in the sports and entertainment markets. Both companies sell tickets and do not qualify for certain secure antitrust ports.

“These resignations ensure that Endeavor and Live Nation will compete independently,” said Richard Powers, assistant attorney general for the antitrust justice department.

“Executives are not allowed to occupy consulting positions in companies that compete with each other. The division must enforce antitrust laws to ensure all companies compete on the merits.”

June 3, Live Nation he said Emanuel resigned from his council, but gave no indication of pressure from the justice department. Shapiro was re-elected to the board earlier this month and is still listed as a member in Live Nation website yes Monday.

Live Nation, an event promoter that owns the Ticketmaster platform, declined to comment. Endeavor said: “While there has been no violation of the law, we understand and respect the DOJ’s concerns regarding the current similarities of our businesses.”

Try it it has become public of April. The company was founded by Emanuel in 1995 as a talent agency and continued to acquire rival William Morris Agency. But she has become a full-fledged entertainment and sports company, including the Final Wrestling Championship and the Miss Universe beauty pageant, alongside other companies.

Live Nation, which fought during the pandemic, installed with the justice department in 2019 for antitrust issues. The DoJ had investigated Live Nation amid concerns it had tried to press concert venues to use its Ticketmaster sites on other ticketing platforms.

The Biden administration has reported that it will take a tougher approach to antitrust enforcement.

Biden exploited 32-year-old Lina Khan, a critique of large technology companies, to the head of the Federal Trade Commission. Tim Wu, a leading critic of Big Tech groups, united the White House in March as an advisor on competition policy, a move that signaled to Silicon Valley that Biden hoped to tame America’s most valuable companies.


Source link

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button