June 21, 2021
Washington (Reuters)-Two CEOs of Endeavor Group Holdings, including Ari Emanuel, have resigned from the board of directors of entertainment giant Live Nation due to antitrust concerns. The US Department of Justice said on Monday.
According to the Live Nation website, Emmanuel has been on the Live Nation board since 2007, and Endeavor President Mark Shapiro joined Live Nation’s board in 2008.
Both left the Live Nation board this month.
The Justice Department said it was concerned that the presence of two men on the board would create an “illegal interlocking board” in which two competitors run the same person.
According to sources familiar with the issue, Endeavor encountered the issue last year when it purchased OnLocation, which creates luxury packages for sports and music events for VIPs.
Live Nation also sells tickets and VIP packages for live music, sports and other entertainment, the agency said.
“These resignations ensure that Endeavor and Live Nation compete independently,” said Deputy Attorney General Richard Powers of the Department of Justice’s Antitrust Division. “Executives are not allowed to hold the position of the board of directors of competing companies.”
An Endeavor spokesperson said there were no violations of the law, adding that “we understand and respect DOJ’s concerns about the similarities of our current business.”
A Live Nation spokesman did not respond to a request for comment.
(Report by Diane Bartz; edited by Nick Zieminski and David Gregorio)
Top Endeavor executives put Live Nation’s board under antitrust pressure
Source link Top Endeavor executives put Live Nation’s board under antitrust pressure