Stock

High Endeavor executives are leaving Dwell Nation's board of administrators below antitrust stress

© Reuters. FILE PHOTO: The Live Nation Entertainment logo and commercial information will appear on a display on the floor of the New York Stock Exchange (NYSE) in New York, United States on May 3, 2019. REUTERS / Brendan McDermid

WASHINGTON (Reuters) – Two top executives at Endeavor Group Holdings, including CEO Ari Emanuel, have stepped down from the board of directors of entertainment giant Live Nation over antitrust concerns, the US Department of Justice said on Monday.

Emanuel has served on Live Nation's board of directors since 2007, while Endeavor president Mark Shapiro joined Live Nation's board of directors in 2008, according to the Live Nation website.

The Justice Department said it had expressed concern about the presence on the board of the two men who are creating "an illegal interlocking directorate" where two competitors are run by the same people.

Endeavor and Live Nation are selling tickets and packages for live music, sports and other entertainment, the department said.

"These resignations will ensure that Endeavor and Live Nation will compete independently," said Assistant Attorney General Richard Powers of the Justice Department's Antitrust Division. "Executives are not allowed to hold board positions in companies that compete with one another."

Live Nation and Endeavor spokespersons did not immediately respond to requests for comment.

Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, meaning that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading loss you may suffer from using this information.

Fusion Media or any other person involved in Fusion Media assumes no liability for any loss or damage that might arise from reliance on the information contained on this website, including data, prices, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.

Related Articles