Live Nation Loses Antitrust Case; Netflix Reports After Losing Warner Bros.

Lucas Shaw, Bloomberg News Managing Editor: Media & Entertainment, discusses the latest news out of Hollywood including Live Nation's loss in a landmark antitrust case. He also breaks down industry sentiment around the Paramount Skydance, Warner Bros. deal and what to expect from Netflix earnings.

Live Nation Entertainment Inc.’s loss in a landmark antitrust trial follows years of regulatory scrutiny of its dominance in the live events business and sets the stage for a possible breakup of the largest US concert promoter and ticket seller.
After a six-week trial in Manhattan, which featured testimony from high-profile figures in the music industry and Live Nation Chief Executive Officer Michael Rapino, a federal jury on Wednesday ruled the company illegally monopolized the live events industry and overcharged fans for tickets to music performances.
The verdict marked a major win for a coalition of 33 states and Washington DC that pursued the case despite the US Justice Department’s decision to pull out after the first week of the trial, with a surprise settlement allowing Live Nation to keep its Ticketmaster unit. But jurors concluded the company illegally monopolized ticketing and tied Live Nation venues to its promotion business, leading concert goers to overpay by $1.72 per ticket. 
New York Attorney General Letitia James, whose office led the case on behalf of the states, praised the verdict. “A jury found what we have long known to be true: Live Nation and Ticketmaster are breaking the law and costing consumers millions of dollars in the process,” James said in a statement.
US District Judge Arun Subramanian, who oversaw the trial, will consider the jury’s findings in calculating how much Live Nation must pay for its illegal conduct and how to remedy the monopoly. The states want as much as $700 million and may seek additional penalties for violations of state antitrust laws. Some also have said they want Live Nation to sell Ticketmaster.
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Видео Live Nation Loses Antitrust Case; Netflix Reports After Losing Warner Bros. канала Bloomberg Podcasts