DIRS.INFO The most relevant business & tech news

☆ Live Nation could be hit with antitrust suit as soon as next month: report
▼ + stars: | 2024-04-15 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Live Nation is expected to be hit with an antitrust lawsuit as soon as next month, The WSJ reported. Live Nation, which owns Ticketmaster, has long faced criticism over its ticket fees. The Justice Department could sue Live Nation, the concert giant that owns Ticketmaster, as soon as next month following a probe into its handling of venue and ticket negotiations, The Wall Street Journal reported Monday. Related storiesThe department is prepared to file the antitrust suit alleging Live Nation leveraged is dominance in the market to suppress competition, The Journal reported, citing people familiar with the matter. Swift released a statement shortly after the incident saying she was "pissed off" and described the outage as "excruciating," The New York Times reported at the time.

Persons: —, Taylor, Swift, I'm, Swifties Organizations: WSJ, Ticketmaster, Service, The, Street, Legal, Institute of Cornell Law School, LiveNation, Justice Department, Business, New York Times, Times, Billboard

☆ BuzzFeed Sells Complex, a Pop Culture Start-Up, for $108.6 Million
▼ + stars: | 2024-02-21 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

BuzzFeed said on Wednesday that it was selling Complex — a media start-up known for its coverage of streetwear and pop culture — at a significant discount from its purchase price. The buyer is Ntwrk, an e-commerce company backed by LiveNation Entertainment and Main Street Advisors, which is paying $108.6 million for the company. It is also paying BuzzFeed $5.7 million to cover severance expenses of Complex employees whom BuzzFeed is laying off, along with other costs. BuzzFeed is not selling First We Feast, the internet brand associated with Complex behind the popular “Hot Ones” interview series about hot wings. Jonah Peretti, BuzzFeed’s co-founder and chief executive, said in a statement that selling Complex was “an important strategic step” for the company.

Persons: BuzzFeed, Jonah Peretti, BuzzFeed’s Organizations: LiveNation Entertainment, Main Street Advisors

LOS ANGELES (AP) — After two years of his popular Las Vegas residency at Park MGM, releasing his first solo album in eight years, and headlining the 2024 Super Bowl halftime show, Usher will embark on a North American tour. The R&B-pop icon will embark on his 24-city “Past Present Future" tour beginning Aug. 20 at the Capital One Arena in Washington D.C. It will hit many major cities in North America before concluding in Chicago at United Center on Oct. 29. Usher will take on the Super Bowl on Sunday at Las Vegas' Allegiant Stadium. In his first Super Bowl performance, he descended from the stadium ceiling to perform “OMG” in Arlington, Texas.

Persons: Usher, Verizon presale, will.i.am, ” Usher Organizations: ANGELES, Las, Park MGM, Capital, United Center, Citi, Verizon, Associated Press Locations: Las Vegas, American, Washington, North America, Chicago, Baltimore, Boston, Philadelphia, Toronto, Brooklyn, N.Y, Detroit, Denver, Los Angeles, Oakland, Calif, Dallas, Austin , Texas, Miami, Atlanta, Charlotte, N.C, Louis, LiveNation.com, Arlington , Texas

☆ Mergers Like JetBlue’s Proposed Acquisition of Spirit Usually Turn Out to Be Bad - The New York Times
▼ + stars: | 2023-12-04 | by ( Tim Wu | ) www.nytimes.com time to read: +2 min

Most of the time, however, mergers that seem bad really are bad. It is in neither the investors’ nor JetBlue’s management’s interests to pick a fight with the big guys. There was a time, back at the turn of the century, when JetBlue was a genuinely innovative airline. In 2014, Wall Street analysts turned on JetBlue and its chief executive at the time, Mr. Barger, accusing the company of being too consumer-focused. Unfortunately for customers, Wall Street won, Mr. Barger was thrown out and JetBlue started charging fees for all sorts of things.

Persons: David Neeleman, David Barger, Barger Organizations: Ticketmaster, Sprint, Mobile, Instagram, Facebook, JetBlue, United, Wall Street, Investors Locations: United States, Delta, United

☆ How the Fed is using its multi-trillion-dollar balance sheet to fight inflation
▼ + stars: | 2023-10-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —The Fed’s fight against inflation is about to enter a new phase, but the central bank’s enormous balance sheet will continue to play a key role. The Fed also manages a multi-trillion-dollar balance sheet that accounts for trillions in government securities and lists how much currency is in circulation. For over a year now, the Fed has been steadily shrinking its balance sheet to help cool the economy. The Fed’s balance sheet is currently at around $7.9 trillion, down from its peak of $9 trillion in early 2022 right before the runoff. They also see alternative scenarios for the end of the balance sheet runoff if there isn’t a recession.

Persons: that’s, Lael Brainard, What’s, Wells, Jerome Powell, JPMorgan Chase’s Jamie Dimon, Jamie Dimon, Krystal Hur, Dimon —, Mr, Dimon, JPMorgan Chase, what’s, Estee Lauder, Kraft Heinz, Yum, Bausch, Eli Lilly, Molson Organizations: CNN Business, Bell, DC CNN, Congress, Fed, Wall Street, JPMorgan, JPMorgan Chase, CNN, HSBC, McDonald’s, China’s National Bureau of Statistics, Bank of Japan, Pfizer, Caterpillar, Marathon Petroleum, Sirius XM, Anheuser, Busch, BP, Chesapeake Energy, US Labor Department, Global, Board, CVS, GSK, Humana, Reuters, Apollo Global Management, Brands, Garmin, Cruise Line Holdings, Qualcomm, Airbnb, PayPal, MetLife, Aflac, AIG, Allstate, Prudential, P Global, Institute for Supply Management, Federal Reserve, ConocoPhillips, Starbucks, Duke Energy, Shopify, Ferrari, Marriott International, Moderna, Fox, Molson Coors, Hyatt, Apple, Motorola, Bank of England, Dominion Energy, Gartner, Restaurant Brands Locations: Washington, Treasuries, China’s, Mondelez, DoorDash, Avis, Shell, Cigna

☆ BuzzFeed in Advanced Talks to Sell Complex, Backtracking on Digital Media Bet
▼ + stars: | 2023-10-27 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

BuzzFeed is in advanced talks to sell Complex Networks, the streetwise digital media company behind the popular ComplexCon cultural festival, at less than half the price it paid for the company two years ago, a sign of the industrywide troubles afflicting digital media. BuzzFeed paid about $300 million for Complex in 2021. Buzzfeed is planning to keep First We Feast, the division of Complex responsible for the popular “Hot Ones” interview franchise, after the transaction, one of the people said. When BuzzFeed went public two years ago, it made Complex a centerpiece of its pitch to investors. Complex was reliably profitable, a milestone that had eluded many in the digital media industry, and its portfolio of brands seemed a natural fit for BuzzFeed’s focus on young audiences.

Persons: BuzzFeed, Buzzfeed Organizations: Networks, LiveNation Entertainment, Main Street Advisors, YouTube

SINGAPORE, July 7 (Reuters) - After standing in line for 36 hours, Qayyum Lukman on Friday emerged triumphant from a kiosk where he had just scored tickets to see pop sensation Taylor Swift perform in Singapore, her only stop in Southeast Asia next year. I don’t know what to think, indescribable, I’m very happy I got tickets! Indonesian Friski Riana, 31, joined virtual queues of millions of fans, even borrowing her friend's credit card to try and get tickets. [1/5]Qayyum Lukman, 25, full-time national servicemen, poses with a Taylor Swift vinyl album, as he waits first in line to buy Taylor Swift concert tickets, at a post office in Singapore July 7, 2023. Hours after the pre-sale closed, touts were marking up S$358 ($264.73) tickets to at least S$1,000 on marketplace app Carousell.

Persons: Qayyum Lukman, Taylor Swift, Swift, Lukman, I’m, ”, couldn't, Edgar Su, Friski, Thailand's, Pita Limjareonrat, Lavender, Chayut, Ananda, Kanupriya Kapoor, Simon Cameron, Moore Organizations: REUTERS, Coldplay, Business Times, Twitter, Thomson Locations: SINGAPORE, Singapore, Southeast Asia, Thailand, Malaysia, Indonesia, Vietnam, British, Jakarta, Bangkok, Manila, Kuala Lumpur, Ananda Teresia

[1/2] Taylor Swift's "Red (Taylor's Version)" receives the Favorite Pop Album award during 2022 American Music Awards, at the Microsoft Theater in Los Angeles, California, U.S., November 20, 2022. REUTERS/Mario Anzuoni/File PhotoWASHINGTON, Nov 29 (Reuters) - U.S. lawmakers on Tuesday pressed the Federal Trade Commission to enforce a 2016 law against ticket scalpers using bots after Ticketmaster blamed the software for troubles selling tickets to pop superstar Taylor Swift's upcoming tour. Ticketmaster (LYV.N) canceled planned ticket sales to the general public for Swift's 2023 U.S. concert tour, her first in five years, earlier this month as 3.5 billion ticket requests from fans, bots and scalpers overwhelmed the website. A spokesman for the FTC confirmed that it had received the letter, but had no comment. Reporting by Diane Bartz; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Meet a Taylor Swift fan who regrets paying $5,500 for resale tickets: 'I'm embarrassed I did it, I regret it, and I kind of just wish I had a nosebleed ticket'
▼ + stars: | 2022-11-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Paige, a Swiftie of 15 years, was not enchanted by the way ticket sales went down for the Eras tour. Swifties across the country have been disappointed by high-priced resale tickets and ticket scarcity. The gold rush on Swift tickets has led to some tickets being resold for up to $13,000. Paige says she saw tickets going for $33,000 when she purchased hers. "Like in the same way getting something in the wrong way would feel bad, it's the same with this.

☆ Ticketmaster provides no real answers as it struggles to explain disastrous Taylor Swift Eras Tour concert sale
▼ + stars: | 2022-11-19 | by ( Bethany Biron | ) www.businessinsider.com time to read: +4 min

Ticketmaster apologized for its chaotic and botched ticket-sale system for Taylor Swift's upcoming tour. "We want to apologize to Taylor and all of her fans — especially those who had a terrible experience trying to purchase tickets," Ticketmaster wrote in a tweet Friday night. "We're working to shore up our tech for the new bar that has been set by demand for the Taylor Swift | The Eras Tour," Ticketmaster wrote. This disrupted the predictability and reliability that is the hallmark of our Verified Fan platform," Ticketmaster wrote. According to Ticketmaster, a record-breaking 3.5 million fans registered to the verified presale in hopes of snagging a ticket on Nov. 15.

☆ White House on Taylor Swift Ticketmaster debacle: Capitalism without competition is exploitation
▼ + stars: | 2022-11-18 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

White House Press Secretary Karine Jean-Pierre answers questions during the daily press briefing at the White House in Washington, August 9, 2022. Declining to comment on "any potential investigation" by the Justice Department, Jean-Pierre said Biden has been clear on how he feels about companies that hold monopolies. Ticketmaster, part of Live Nation, is facing scrutiny for its roll out of Taylor Swift concert tickets. The New York Times reported Friday the Justice Department had opened an antitrust probe into Live Nation after the fiasco. Live Nation Entertainment is a merger between Ticketmaster and Live Nation in 2010.

☆ Alexandria Ocasio-Cortez tells pissed-off Swifties to demand the Justice Department break up Ticketmaster after Taylor Swift tickets debacle
▼ + stars: | 2022-11-18 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

Lawmakers have previously called for the Justice Department to investigated the company. Take action with @MorePerfectUS," Ocasio-Cortez tweeted after the news broke, directing her followers to a tweet that said: "Tell the DOJ to break Ticketmaster up here." The tweet also included a link to a form that allowed users to sign up to send an email to the Justice Department requesting the investigation. It's time for the Department of Justice (DOJ) to investigate their conduct and move to break them up." The White House has not indicated whether it plans to investigate Live Nation Entertainment, although President Joe Biden indicated last month federal regulators were working to address "junk fees" tacked onto things like entrainment and travel.

☆ Taylor Swift fans are angry at Ticketmaster's merger with Live Nation after the company's debacle around her concert tickets. An antitrust expert who testified against it said he thinks breaking it up
▼ + stars: | 2022-11-17 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The Taylor Swift tickets queue was once a madhouse, before Ticketmaster canceled its public ticket sale. Some are pointing to Ticketmaster's merger with Live Nation as the reason that prices are high and competition low. An antitrust expert who testified against the merger told Insider that breaking it up "will be a major priority for the antitrust division" of the DOJ. "The value in going to the Taylor Swift concert is Taylor Swift," Balto said. The madness over Taylor Swift tickets has refreshed calls for the merger to be reexamined, with several lawmakers weighing in.

☆ Taylor Swift meltdown caused by Ticketmaster abusing its market power, Senate antitrust chair says
▼ + stars: | 2022-11-17 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN Business —Senator Amy Klobuchar criticized Ticketmaster in an open letter to its CEO, saying she has “serious concerns” about the company’s operations following a service meltdown Tuesday that left Taylor Swift fans irate. Ticketmaster and Live Nation, the country’s largest concert promoter, merged about a decade ago. Klobuchar noted that the company at the time pledged to “develop an easy-access, one-stop platform” for ticket delivery. It’s no secret that Live Nation-Ticketmaster is an unchecked monopoly,” Rep. David Cicilline, currently the chairman of the Antitrust Subcommittee, tweeted on Tuesday. The Justice Department and states allowed the Live Nation Ticketmaster merger to go through despite a 2010 court filing in the case raising objections to the merger.

☆ Ticketmaster expected 1.5 million 'verified' Taylor Swift fans on the site but 14 million people were trying to get tickets, Live Nation chairman says: 'We could have filled 900 stadiums'
▼ + stars: | 2022-11-17 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Ticketmaster was only supposed to be opened to 1.5 million "verified" Taylor Swift fans for presale. Live Nation's chairman said 14 million people tried to get tickets, and could've filled 900 stadiums. "Despite all the challenges and the breakdowns, we did sell over 2 million tickets that day," Live Nation's Greg Maffei said. However, among the 14 million fans were bots, "which are not supposed to be there," Maffei said. Maffei said Ticketmaster attempted to build "capacity for peak demand," but Swift's ticket sales "exceeded every expectation."

☆ Taylor Swift tour ticket fiasco leads to calls for Ticketmaster and Live Nation to break up
▼ + stars: | 2022-11-16 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

Taylor Swift accepts an award onstage during the MTV Europe Music Awards 2022 held at PSD Bank Dome on November 13, 2022 in Duesseldorf, Germany. Live Nation, which merged with Ticketmaster in 2010, has faced longstanding criticisms about its size and power in the entertainment industry. People amplified their complaints this week when tickets for Swift tickets went on presale on Ticketmaster's website. "Eras" tour tickets are priced from $49 to $450, with VIP packages starting at $199 and reaching $899. "The [Taylor Swift] portal is not going well for many Swifties," Rep. Bill Pascrell, D-N.J., wrote in a tweet Tuesday.

☆ Ticketmaster meltdown for Taylor Swift tickets sparks outrage
▼ + stars: | 2022-11-16 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

The Justice Department and many state attorneys general have made similar complaints over the years. The Justice Department and states allowed the Live Nation Ticketmaster merger to go through despite a 2010 court filing in the case raising objections to the merger. In the filing, the Justice Department said that Ticketmaster’s share among major concert venues exceeded 80%. Past efforts to rein in Ticketmaster control over the ticket market have failed. The Justice Department and the states gave approval of to the Live Nation-Ticketmaster combination, but did call for some oversight.

☆ Alexandria Ocasio-Cortez calls for Ticketmaster-Live Nation 'monopoly' to be broken up in response to Taylor Swift pre-sale controversy
▼ + stars: | 2022-11-15 | by ( Kayla Gallagher | ) www.businessinsider.com time to read: +3 min

Pre-sale tickets for Taylor Swift's upcoming "Eras" tour went on sale Tuesday. Ocasio-Cortez took the opportunity to voice longstanding concern about the 2010 merger of Ticketmaster, the ticket sales and distribution company, and Live Nation, the events promoter and venue operator, into Live Nation Entertainment. "We write in support of strong antitrust enforcement by the Biden Administration, including the live event ticket sales marketplace," the letter begins. Social media influencer Ellie Schnitt tweeted, "When Taylor Swift wrote 'the great war' she was actually preparing us for the Battle of Ticketmaster." — Taylor Swift, but also Ticketmaster after its site crashed.

Search resuls for: "LiveNation"

18 mentions found