ENDEAVOR BOSSES EXIT LIVE NATION BOARD AFTER DOJ PROBE

Endeavor CEO Ari Emanuel and President Mark Shapiro have resigned from the Live Nation board of directors, following a suggestion by the Department of Justice, over antitrust concerns. The DOJ cited Emanuel and Shapiro's positions as "interlocking directorate," which is the conflict in which "one person serves as an officer or director of two companies."

The DOJ stated in a press release: "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. Based on U.S. revenues, the interlock did not qualify for any of the Section 8 safe harbors."

“These resignations ensure that Endeavor and Live Nation will compete independently,” said Acting Assistant Attorney General Richard A. Powers of the Justice Department’s Antitrust Division. “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.”

Read the DOJ's full statement on the forced resignations here.