The longstanding legal battle between Songkick and Live Nation seems to have finally drawn to a close, as Live Nation has put out a press release stating that it has acquired assets from Complete Entertainment Resources Group, Inc. About Live Nation Entertainment Live Nation Entertainment (NYSE: LYV) is the world's leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. The financial terms of the deal were not disclosed in the news release, but financial filings from Live Nation confirm the company is making a lump sum payment of $110 million to CERG, exclusive of the amounts paid to acquire the other assets.
Last summer, Songkick sold its music discovery platform to WMG.
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".
Songkick's case hinged on the rights to sell a ticket.
"We are pleased that we were able to resolve this dispute and avoid protracted and costly legal proceedings, while also acquiring valuable assets", Live Nation president Joe Berchtold said in a press release. The company specialized in so-called artist presales, or selling batches of advance tickets - often around 8 percent of the inventory for a show - to fans.
However, Live Nation, which filed a countersuit, argued its contracts with the venues allowed it to determine how the tickets would be sold. Songkick's suit also accused Live Nation of threatening artists not to do business with Songkick. The case was set to go to trial later this month in Los Angeles federal court.