NEWS
Ariel Emanuel speaks onstage during Los Angeles LGBT Center's 48th Anniversary Gala Vanguard Awards at The Beverly Hilton Hotel on September 23, 2017 in Beverly Hills, California.
Emma McIntyre/Getty ImagesConcerns about IMG's ownership in a ticketing company that Live Nation had spun off in 2010 led to a Department of Justice request that IMG parent Endeavor's chief executive Ari Emanuel and president Mark Shapiro resign from LN's board of directors, sources tell Billboard.
As part of a consent decree governing Live Nation's merger with Ticketmaster in 2010, the DOJ assistant attorney general for its Antitrust Division Christine Varney required Ticketmaster to sell off Paciolan, a ticketing company it had purchased three years earlier, to Comcast-Spectacor. In 2017, Paciolan was again sold as part of an intra-company transaction to sports marketing platform Learfield IMG College, which Endeavor owns a stake in through its blockbuster purchase of IMG in 2013. Silver Lake and the Comcast-backed Atairos also hold stakes in Learfield with Endeavor.
Emanuel has been on the Live Nation board of directors since 2007 while Shapiro joined the Live Nation board in 2008.
“While there has been no violation of law, we understand and respect the DOJ’s concerns regarding the current similarities of our businesses," a statement from an Endeavor spokesperson reads.
Why the DOJ decided to act now — under the Biden Administration, the DOJ's acting assistant attorney general for Antitrust is career DOJ deputy AG and Distinguished Service Award winner Richard Powers — is unclear. Emanuel had already agreed to resign from the board effective two weeks ago when his final stock awards in the company had vested.
In a release, the DOJ described the ownership issue as an illegal interlocking directorate where "one person – or an agent of one person or company – serves as an officer or director of two companies."
Section 8 of the Clayton Act "prohibits the same person or company from serving as an officer or director of two competing companies, except under certain defined safe harbors."
"Endeavor and Live Nation compete closely in many sports and entertainment markets. Both Live Nation and Endeavor, through its wholly owned and minority owned subsidiaries, promote and sell tickets and VIP packages that include tickets, lodging and travel accommodations, to live music, sporting and other entertainment events," the release explained.
“These resignations ensure that Endeavor and Live Nation will compete independently,” explains Powers in a release. “Executives are not permitted to hold board positions on companies that compete with each other. The division will enforce the antitrust laws to make sure that all companies compete on the merits.”
Why the DOJ decided to act now — under the Biden Administration, the DOJ's acting assistant attorney general for Antitrust is career DOJ deputy AG and Distinguished Service Award winner Richard Powers — is unclear. Emanuel had already agreed to resign from the board effective two weeks ago when his final stock awards in the company had vested.
In a release, the DOJ described the ownership issue as an illegal interlocking directorate where "one person – or an agent of one person or company – serves as an officer or director of two companies."
Section 8 of the Clayton Act "prohibits the same person or company from serving as an officer or director of two competing companies, except under certain defined safe harbors."
"Endeavor and Live Nation compete closely in many sports and entertainment markets. Both Live Nation and Endeavor, through its wholly owned and minority owned subsidiaries, promote and sell tickets and VIP packages that include tickets, lodging and travel accommodations, to live music, sporting and other entertainment events," the release explained.
“These resignations ensure that Endeavor and Live Nation will compete independently,” explains Powers in a release. “Executives are not permitted to hold board positions on companies that compete with each other. The division will enforce the antitrust laws to make sure that all companies compete on the merits.”
Why the DOJ decided to act now — under the Biden Administration, the DOJ's acting assistant attorney general for Antitrust is career DOJ deputy AG and Distinguished Service Award winner Richard Powers — is unclear. Emanuel had already agreed to resign from the board effective two weeks ago when his final stock awards in the company had vested.
In a release, the DOJ described the ownership issue as an illegal interlocking directorate where "one person – or an agent of one person or company – serves as an officer or director of two companies."
Section 8 of the Clayton Act "prohibits the same person or company from serving as an officer or director of two competing companies, except under certain defined safe harbors."
"Endeavor and Live Nation compete closely in many sports and entertainment markets. Both Live Nation and Endeavor, through its wholly owned and minority owned subsidiaries, promote and sell tickets and VIP packages that include tickets, lodging and travel accommodations, to live music, sporting and other entertainment events," the release explained.
“These resignations ensure that Endeavor and Live Nation will compete independently,” explains Powers in a release. “Executives are not permitted to hold board positions on companies that compete with each other. The division will enforce the antitrust laws to make sure that all companies compete on the merits.”
Dave Mustaine has chosen to bring Megadeth to an end after completing one final tour due to ongoing health challenges.
The band plans to step away next year once they wrap up their farewell run and release their final album. Frontman Dave, 64, has now shared that he reached this decision because arthritis and issues with his back have left him “unable to give a hundred per cent every night”.
Speaking on SiriusXM's Trunk Nation With Eddie Trunk, Dave said, “It had been building up for a long time, just physical things happening with my hands … My hands were starting to fail me.
“And there were other difficulties tied to everything going on with my neck and my trunk. That whole area has arthritis and some bulging discs.
“I have a fractured lumbar bone. And of course, my back has been fused near my shoulders and neck. There is just a lot going on …
“I always said that when the time came where I could no longer give a hundred per cent each night, that would be the moment I would start thinking about slowing down.”
He continued by sharing that the choice became clear after the band completed recording their final self-titled project.
Dave explained, “It was not that I couldn’t give a hundred per cent, because we finished the album and I feel we did well with it, but while we were working I had a moment where I told my manager … ‘I am not sure how much longer I can continue. My hands are really hurting.’
“I did not intend to set things in motion. I was just talking, but it led to conversations with the band, then taking time to reflect, speaking with my family, and praying about it.
“And the answer was obvious to me that by the time the album was finished, I would know how it would perform. If it does really well, I can still deliver one final strong tour.
“And the idea of a farewell feels connected to that. We have certain shows we want to play so we can say goodbye to the people who have supported us.”
Dave added, “We are an American band, but we perform all over the world. We are not weekend performers like some country acts in the States. We have a lot of ground to cover if we want to say goodbye the right way.”
The band’s seventeenth studio album, Megadeth, will arrive in January, and their This Was Our Life tour begins in Canada in February.
