Live Nation acquires Songkick assets, settles suit
Live Nation today announced the acquisition of much of the remaining assets of the company formerly known as Songkick, Complete Entertainment Resources Group (CERG), settling out of court a costly legal dispute set to go to trial later this month.
Songkick’s concert discovery platform was acquired by Warner Music Group last July – an acquisition that specifically excluded its ticketing business, formerly known as Crowdsurge, and the “pending litigation” associated with it. As of October, a “skeleton crew” of around a dozen ticketing staff had been retained to work full time on the court case.
Live Nation’s acquisitions include Songkick’s ticketing platform, anti-touting algorithm, API applications and portfolio of patents, all of which it acquired for an undisclosed sum.
“We are pleased that we were able to resolve this dispute and avoid protracted and costly legal proceedings”
A source close to the situation tells IQ Songkick additionally accepted a US$110m settlement offer to avoid the suit – which centred on alleged abuses of the Live Nation’s “monopoly power” to stifle competition in the US ticketing market – going to trial.
“We are pleased that we were able to resolve this dispute and avoid protracted and costly legal proceedings, while also acquiring valuable assets,” says Joe Berchtold, president of Live Nation.
Matt Jones, CERG’s CEO, adds: “We are glad to have resolved this litigation and thank all the employees, artists and industry partners who contributed so much to our many successes over the last decade.”
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