Live Nation Settles Suit With Ticketing Start-Up, Buying Its Assets
Two years in the past, Songkick, a ticketing start-up that operated out of a loft in Brooklyn, filed an antitrust swimsuit in opposition to Live Nation Entertainment, the colossus of the live performance enterprise.
The David-and-Goliath swimsuit included accusations of abuse of market energy by Live Nation and its Ticketmaster subsidiary.
But on Friday, lower than two weeks earlier than the beginning of a trial, Live Nation introduced that it had settled the swimsuit for $110 million and an extra undisclosed sum to amass a few of Songkick’s remaining know-how property and patents.
“We are pleased that we were able to resolve this dispute and avoid protracted and costly legal proceedings, while also acquiring valuable assets,” Joe Berchtold, the president of Live Nation, mentioned in a joint assertion.
Matt Jones, the chief govt of Songkick’s guardian firm, Complete Entertainment Resources Group, thanked staff and artists “who contributed so much to our many successes over the last decade.”
Continue studying the principle story