Live Nation reportedly faces antitrust lawsuit, shares drop
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 16 April 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Tuesday, April 16th. I'm Julie Morgan. |
| 0:13.2 | Live Nation is feeling the heat after reports that an antitrust lawsuit is on the horizon. |
| 0:18.8 | How long would it take you to spend $39 billion? The Commerce Department will soon have an answer to that question. |
| 0:26.6 | And Microsoft is taking a minority stake in an AI company in the UAE. Live Nation is down 7% in pre-market action amid reports that an antitrust lawsuit is near. |
| 0:39.0 | According to a Wall Street Journal report on Monday which cited people familiar with the matter. |
| 0:44.7 | The Justice Department is preparing to file an antitrust lawsuit against the concert |
| 0:49.6 | promoter as soon as next month. |
| 0:52.2 | The regulator is expected to allege that Live Nation used its dominance in a manner that |
| 0:57.2 | undermined competition for ticketing live events. |
| 1:00.4 | The specific charges were not known. |
| 1:02.8 | Several state attorneys general are also involved in the investigation |
| 1:06.8 | and may decide to join the DOJ in its suit, |
| 1:10.0 | according to a separate Bloomberg report on Monday. |
| 1:13.2 | A Ticketmaster's spokesperson told the journal that Ticketmaster has more competition today |
| 1:18.6 | than it has ever had, and the deal terms with venues is nothing close to monopoly power. |
| 1:24.3 | Live Nation is the parent company of Ticketmaster. |
| 1:28.6 | The Commerce Department is on track to award all the grant money from the Chips and Science Act this year. |
| 1:34.8 | That's the word from Commerce Secretary Gina Raimondo to see NBC. |
| 1:39.2 | The legislation included $39 billion in grant money and more than half has already been awarded, |
| 1:45.6 | leaving about $16 billion still on the table. |
| 1:48.9 | Early Monday Seeking Alpha told you that Samsung is getting $6.4 billion in grant money from the US to ramp up local chip production. |
... |
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