Live Nation CFO Dismisses Reports of Escalating DOJ Investigation: 'No Real News' Amid Record Q3 Earnings
Live Nation's CFO Joe Berchtold has responded to reports of an intensifying Department of Justice (DoJ) antitrust investigation, stating there's "no real news" regarding the probe, which he describes as being in its "mid-stages."
Live Nation corporate office and logo
The DoJ investigation, which began in November 2022 following the Taylor Swift Eras Tour pre-sale issues, is examining:
- Live Nation's contractual terms with artists
- Potential restrictions on venues working with other promoters
- Artist payment structures
- Competition in the live entertainment market
A Wall Street Journal report revealed that the DoJ has recently:
- Requested information from promoters, venues, and industry stakeholders
- Sent document retention letters to talent agencies
- Focused on Live Nation's 2020 artist payment modifications
Live Nation's Position:
- Denies anti-competitive practices in artist payments
- States artist compensation is based on competitive bidding
- Argues the investigation focuses on specific business practices rather than their overall business model
Financial Performance:
- Q3 2023 marked Live Nation's "strongest quarter ever"
- Revenue reached $8.15 billion
- Concert revenue up 32% year-over-year to $6.97 billion
- Ticketing revenue increased 57% to $832.6 million
US Department of Justice building exterior
Michael Rapino in black shirt
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