The Journal.

Episode: "The Ticketmaster Breakup Trial Just Got Messier"

Date: March 16, 2026
Hosts: Jessica Mendoza & Ryan Knutson
Guests: Dave Michaels (WSJ Reporter), Jeff Jackson (Attorney General, NC)

Episode Overview

This episode unpacks a dramatic turn in one of the largest ongoing antitrust trials in the U.S.: the Justice Department's lawsuit seeking to break up Live Nation and its ticketing giant, Ticketmaster. The trial, expected to stretch for months, was abruptly upended by a surprise settlement between Live Nation and the Justice Department. But rather than ending the conflict, the deal has splintered the coalition of state attorneys general, many of whom—shocked and unsatisfied with the terms—are continuing their legal fight. The hosts examine how the settlement came together, what’s in it, why many see it as inadequate, and what’s next for the battle over live event ticketing in America.

Key Discussion Points & Insights

1. The Background: Live Nation & Ticketmaster’s Domination

• Live Nation’s Structure: The company operates as a vertically integrated "fortress" ([03:54]), controlling concert promotion, venue ownership, and ticketing via Ticketmaster.
  • Dave Michaels:
    “Live Nation has four or five different segments to its business. It promotes tours. It owns venues… It owns Ticketmaster, which has an up to 80% market share in ticketing.” ([04:09])
• Antitrust Concerns: The DOJ’s case (filed in 2024) alleges Live Nation and Ticketmaster use exclusivity deals and economic leverage to entrench monopoly power, stifling competition and harming consumers with high fees and lack of alternatives.
  • Bipartisan frustration led nearly 40 state attorneys general, including many from Republican-led states, to join.

2. The Trial Begins—and Surprising Early Testimony

• Key Government Witnesses: The trial started strongly for the DOJ, showcasing witnesses like John Abimondi (Barclays Center) describing alleged coercion for venues to stay with Ticketmaster ([05:31]-[06:29]).
  • Quote:
    “You can’t get good shows if you don’t use Ticketmaster. And you will feel the threats of Live Nation if you break with Ticketmaster.” — Dave Michaels, summarizing testimony ([05:42])
  • Evidence included a secretly recorded testy call between Live Nation’s CEO Michael Rapino and Abimondi, interpreted as a “veiled threat.”
  • SeatGeek's CEO described the need for "retaliation insurance" due to fears of losing events after switching from Ticketmaster ([07:04]).
• The CEO Testimony That Didn’t Happen: Michael Rapino was expected to be a pivotal witness but never appeared, as settlement talks were proceeding behind the scenes.

3. The Backroom Settlement & Immediate Fallout

• Behind the Deal: As testimony unfolded, Live Nation lobbied the Trump administration using connected advisors, including Kellyanne Conway, to negotiate a settlement ([08:04]-[08:41]).
  • Dave Michaels describes political appointees in DOJ seeing a need to show “quick wins” for voters, motivating a deal even as trial lawyers were making progress ([09:45]).
• The Settlement Terms (as of March 5):
  • Limits on exclusivity fees and greater openness of Live Nation–owned amphitheaters to rival ticketing firms.
  • A cap (15%) on service fees—but only at Live Nation amphitheaters ([09:12]).
  • Ticketmaster must make its tech available to rivals for primary ticket sales.
• Immediate Reaction:
  • State AGs were "blindsided," given a day to sign on, and the judge was not informed promptly, prompting his irritation ([09:25]).
  • 25+ states (and DC), led by AG Jeff Jackson, refused to sign, considering the deal insufficient.

4. Why Many States Are Still Fighting

Interview with North Carolina AG Jeff Jackson ([13:18]-[19:45])

• On Being Cut Out:
  “US DOJ cut out all 40 AGs and basically did this privately and then gave us a 24 hour ultimatum…” — Jeff Jackson ([13:32])
• On the Settlement’s Adequacy:
  "It's inadequate. The core mission for this litigation was to get at Live Nation's control over Ticketmaster.” ([14:21])
• On Specific Provisions:
  • Amphitheater access: Jackson questions the limited scope and potential loopholes ([16:13]).
  • Fee caps: Applauds in principle, but says actual impact is unclear due to lack of detail ([16:43]).
  • Exclusive booking rights lifted: Called a "step forward," but “a fraction of the total picture”—most changes target less significant venues ([17:14]).
  • $280 million customer fund: Concerned it’s just a PR gesture; fears costs will be passed back to consumers ([17:41]).
• On the Stakes:
  "What's at stake here is the experience that millions of people have when they want to take their kid... to a concert... whether or not there's actual competition in this marketplace..." — Jeff Jackson ([19:45])
• Why Continue:
  “My constituents want me to. Also because this sets a really important precedent... companies that are abusing their power over people.” ([18:16])
• On Live Nation’s Defense:
  “I think we still have really strong evidence that... Live Nation’s control of Ticketmaster means all the problems we’ve seen... still persist.” ([19:08])
• On internal evidence:
  Private Slack chats unsealed, showing Live Nation employees mocking customers and joking about “robbing them blind” ([19:21]). Live Nation denies these represent company values.

5. Where Does the Trial Go Now?

• What’s Next:
  • The trial resumes—now led by 25+ state AGs seeking further remedies, potentially even a breakup.
  • DOJ and several AGs drop out, citing satisfaction with the deal.
  • The remaining states, if victorious, could ask for stronger remedies—but will face Live Nation’s argument that the “problem has been solved” ([20:32]).
  • Dave Michaels: “Anything is possible, but the states have to win at trial first... This has gotten a lot messier.” ([20:32]-[20:58])
  • Ongoing: The story is unfinished and could set broad precedents for monopoly enforcement.

Notable Quotes & Memorable Moments

• Dave Michaels:
  “Live Nation is a fortress that was built over time, not with stone walls, but with contracts.” ([03:54])
• Jessica Mendoza (on the backlash to settlement):
  “Many of the State attorneys general that had also joined the fight were blindsided… and the judge overseeing the case didn’t even know about the tentative deal until late that Sunday.” ([09:12])
• Jeff Jackson (on the process):
  "This is really unprecedented... DOJ cut out all 40 AGs and basically did this privately and then gave us a 24 hour ultimatum." ([13:32])
• Jeff Jackson (on why this matters):
  “We want to show that attorneys general and the law are capable of… pushing back against companies that are abusing their power over people.” ([18:16])
• On Live Nation’s attitude:
  “Their stock jumped after news of the deal... it does seem like Live Nation is pretty content.” — Jessica Mendoza / Dave Michaels ([10:53]-[11:03])
• Jeff Jackson to Live Nation:
  “See you back in court.” ([11:57])
• Dave Michaels closing:
  “This odyssey isn’t over yet.” ([21:01])

Timestamps for Important Segments

• 00:05-01:39: Setting up the antitrust trial and Live Nation’s power
• 03:54-05:31: Deep dive into Live Nation/Ticketmaster’s business structure and dominance
• 05:31-07:21: Key trial testimony about alleged threats and retaliation
• 08:04-09:25: Political maneuvering and the sudden DOJ-Live Nation settlement
• 11:44-12:08: Jeff Jackson (“See you back in court.”) and transition to broader AG perspective
• 13:18-19:45: In-depth interview with AG Jeff Jackson: what’s wrong with the settlement, what’s at stake, why states are still fighting
• 19:21: Slack messages from Live Nation staff mocking customers revealed
• 20:19-21:01: Dave Michaels on next steps; trial remains unresolved

Tone and Language

The episode is explanatory, incisive, and sometimes indignant—reflecting frustration both from the states still fighting and from the reporting journalists. The hosts strike an accessible, engaging tone, demystifying legal and business concepts. The state AG interview is assertive yet measured, focused on the public interest and broader implications for antitrust enforcement.

Conclusion:
The settlement between Live Nation/Ticketmaster and the DOJ has created a rift, leaving a coalition of states fighting on for deep, structural remedies to the concert ticketing monopoly. With the trial ongoing and public outrage unassuaged, the episode closes on the promise of more mess—and more to come.