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59-519: The company has faced widespread criticism over its central role in the consolidation of the live events industry, allegations that it proactively engages in anti-competitive practices , poor handling of the ticket sale process for highly popular events, and injuries and deaths that have occurred at many of its events. As of early 2023, Live Nation's annual shareholders report says the company has controlling interests in 338 venues globally and believes itself to be "the largest live entertainment company in

118-591: A homicide that occurred backstage at the Once Upon a Time in LA music festival at BMO Stadium . The suit claimed that Live Nation had negligently failed to employ proper and effective security measures at the event. Live Nation sought a motion to dismiss the suit, arguing that the incident was rare and "unforeseen". In January 2023, judge Yolanda Orozc rejected the motion and allowed the suit to continue, ruling that "the fact that defendants knew security would be needed for

177-411: A Nigerian musician touring from Paris, France, with his Matumbo orchestra in the 1970s. The name was partially born out of an attempt to distinguish Fela Kuti's music from the soul music of American artists such as James Brown . Prevalent in his and Lagbaja 's music are native Nigerian harmonies and rhythms, taking contrasting elements and combining, modernizing, and improvising upon them. Politics

236-493: A company purchases less than 20% of the outstanding common stock , the purchasing company's influence over the acquired company is not significant. (APB 18 specifies conditions where ownership is less than 20% but there is significant influence.) The purchasing company uses the cost method to account for this type of investment. Under the cost method, the investment is recorded at cost at the time of purchase. The company does not need any entries to adjust this account balance unless

295-539: A concert incident. In June 2013, Live Nation was charged with violating Ontario health and safety laws following a 2012 stage collapse at a Radiohead concert that killed one crew member. A 2019 inquest returned a verdict of accidental death . A British inquest later that year found that inadequate technical advice and construction techniques had caused the death. On October 1, 2017, the Route 91 Harvest Festival shooting left 58 people dead and hundreds more injured. It

354-497: A concert promotion firm and ticketing company, reached an agreement to merge. The new company received regulatory approval and was named Live Nation Entertainment. Michael Rapino , then CEO of Live Nation, became the new company's CEO, while Ticketmaster CEO Irving Azoff was named executive chairman. The merger was approved first in Norway and Turkey in 2009. The United Kingdom's Competition Commission provisionally ruled against

413-915: A controlling interest in BottleRock Napa Valley Music Festival, Salt Lake City-based concert promoter United Concerts, and CT Touring. In 2021, Live Nation acquired a majority stake in streaming entertainment company Veeps. In 2013, the company acquired the New Orleans Voodoo Music + Arts Experience . Live Nation later acquired C3 Presents in Austin, Texas (2014), Bonnaroo Music and Arts Festival in Tennessee (2015), Knoxville-based AC Entertainment (2016), Red Mountain Entertainment (2018), and Emporium Presents. In October 2019, Live Nation acquired

472-698: A controlling interest in Israeli promoter Blue Stone Entertainment and the United Kingdom 's Cuffe & Taylor. In May 2018, Live Nation Entertainment also acquired a majority stake in Brazil 's Rock in Rio festival, including from previous stakeholder SFX Entertainment , which was involved in a failed attempt at a U.S. version of the event in Las Vegas , with its founder Roberto Medina continuing to manage

531-525: A few much larger ones. In the context of financial accounting , consolidation refers to the aggregation of financial statements of a group company as consolidated financial statements . The taxation term of consolidation refers to the treatment of a group of companies and other entities as one entity for tax purposes. Under the Halsbury's Laws of England , amalgamation is defined as "a blending together of two or more undertakings into one undertaking,

590-504: A focus on chanted vocals, complex intersecting rhythms, and percussion, the style was pioneered in the 1960s by Nigerian multi-instrumentalist and bandleader Fela Kuti , who popularised it both within and outside Nigeria. At the height of his popularity, he was referred to as one of Africa's most "challenging and charismatic music performers." Distinct from Afrobeat is Afrobeats , a combination of sounds originating in West Africa in

649-412: A hand in writing New Era's rules. Live Nation's switch to New Era and its rules were primarily based on its friendlier terms to Live Nation and its requirement that in instances where multiple related cases were filed into a "bellwether" arbitration system, where three cases would be decided in an expedited fashion and if settlements could not be reached after the three cases were decided, that the result of

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708-1293: A majority stake in David Grutman 's Groot Hospitality, which includes several nightclubs and restaurants in the Miami metropolitan area , including the Fontainebleau Miami Beach hotel's LIV nightclub. In 2018, the company acquired majority stakes in Wisconsin -based Frank Productions. In 2012, the company announced a partnership with Creativeman Productions, based in Tokyo , Japan. In August 2015, Live Nation announced it would form Live Nation Germany, in partnership with German promoter Marek Lieberberg . Live Nation Germany would also have oversight over Live Nation events in Austria and Switzerland . In February 2016, Live Nation acquired Canada's largest independent concert promoter, Union Events. The following month in March 2016, Live Nation acquired Big Concerts International, South Africa's leading concert promoter. In 2017, Live Nation purchased

767-491: A startup, New Era ADR, who had rules and procedures much friendlier to Live Nation. In Skot Heckman et al v. Live Nation , an antitrust case based on Live Nation's inflated ticket prices, the initial filings described New Era's rules and procedures as abusive and " Kafkaesque ", and Live Nation's switch from JAMS to New Era as unfair since they made the decision to switch arbitration providers unilaterally and without sufficient notice. A prior filing also alleged that Live Nation had

826-749: A trip to the U.S. and met a woman by the name of Sandra Smith, a singer and former Black Panther . Sandra Smith (now known as Sandra Izsadore or Sandra Akanke Isidore) introduced Kuti to many writings of activists such as Martin Luther King Jr. , Angela Davis , Jesse Jackson , and his biggest influence of all, Malcolm X . As Kuti was interested in African-American politics, Smith would make it her duty to inform Kuti of current events; in return, Kuti would fill her in on African culture. Since Kuti stayed at Smith's house and spent so much time with her, he started to re-evaluate his music genre. That

885-418: Is a decline in the value of the investment other than temporary. When the amount of stock purchased is between 20% and 50% of the common stock outstanding, the purchasing company's influence over the acquired company is often significant. The deciding factor, however, is significant influence. If other factors exist that reduce the influence or if significant influence is gained at an ownership of less than 20%,

944-461: Is essential to Afrobeat, due to Kuti using social criticism to pave the way for change. His message can be described as confrontational and controversial, which relates to the political climate of most of the African countries in the 1970s, many of which were dealing with political injustice and military corruption while recovering from the transition from colonial governments to self-determination. As

1003-486: Is included within its concerts division and also includes Front Line Management and Roc Nation . Live Nation Entertainment owns and operates hundreds of venues globally. The company sells tickets to live events through Ticketmaster . The company has faced various lawsuits alleging ticket price fixing , hidden fees and anti-competitive practices . In May 2022, Representative for New Jersey's 9th congressional district Bill Pascrell stated that he had issued letters to

1062-418: Is not amortized or reduced until it is permanently impaired, or the underlying asset is sold. When the amount of stock purchased is more than 50% of the outstanding common stock, the purchasing company has control over the acquired company. Control in this context is defined as ability to direct policies and management. In this type of relationship the controlling company is the parent and the controlled company

1121-646: Is the deadliest mass shooting in US history. The shooter fired at attendees from the 32nd floor of Mandalay Bay . The victims settled for $ 800 million and received their settlements four years after the shooting. In November 2021, a crowd crushing incident occurred at Astroworld Festival —a Live Nation-promoted concert in Houston organized and headlined by rapper Travis Scott —which resulted in 10 fatalities and nearly 5,000 injuries. Live Nation, Scott, and other parties involved have been named in over 387 lawsuits related to

1180-406: Is the subsidiary . The parent company needs to issue consolidated financial statements at the end of the year to reflect this relationship. Consolidated financial statements show the parent and the subsidiary as one single entity. During the year, the parent company can use the equity or the cost method to account for its investment in the subsidiary. Each company keeps separate books. However, at

1239-677: The Federal Trade Commission and U.S. Department of Justice calling for Live Nation to be unwound and broken up, citing its safety record and other factors. These calls were repeated in November 2022 after the Taylor Swift ( The Eras Tour ) Ticketmaster controversy . On August 2, 2023, Dynamic Ticket Systems, LLC. sued Ticketmaster and Live Nation for patent infringement. Destiny's Child manager Mathew Knowles unsuccessfully sued Live Nation in 2011, asserting that

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1298-581: The Ford Amphitheater at Coney Island . In 2021, Live Nation announced a joint venture with Duke Concept, a concert promoter specialising in African artists, in which Duke Concept handles production and logistics with Live Nation providing support and a network of venues, for touring Afrobeat artists. In 2013, Live Nation announced a joint venture with Insomniac Events , a promoter focused on electronic dance music . The company continued to invest in music festivals and promoters in 2017, purchasing

1357-664: The New York City -based parent company of the Governors Ball Music Festival . In 2017, Live Nation announced New York City-based promotion company Mercury East in partnership with Michael Swier, a founder of The Bowery Presents , since acquired by AEG . The deal brought former "indie" clubs Mercury Lounge and Bowery Ballroom under the Live Nation umbrella, along with other Live Nation-owned venues including Irving Plaza , Gramercy Theatre , and

1416-543: The U.S. Department of Justice announced it was suing Live Nation Entertainment over what it alleges are anti-competitive practices. The DOJ was joined in the lawsuit by 29 states and the District of Columbia. Live Nation has been linked to at least 200 deaths and 750 injuries at its events in seven countries since 2006. From 2016 to 2019, they had also been cited for at least ten OSHA violations, fined for several more serious incidents, and sued civilly at least once for

1475-898: The 1990s, there have been collaborations that resulted in albums such as Africa: Centre of the World by Roy Ayers, released on the Polydore label in 1981. In 1994, Branford Marsalis , the American jazz saxophonist, included samples of Fela's "Beasts of No Nation" on his Buckshot LeFonque album. Afrobeat has also profoundly influenced various important contemporary producers and musicians, such as Brian Eno and David Byrne , who credit Fela Kuti as an essential influence. Both worked on Talking Heads ' highly acclaimed 1980 album Remain in Light , which brought polyrhythmic Afrobeat influences to Western music. The new generation of DJs and musicians of

1534-615: The 2000s who have fallen in love with both Kuti's material and other rare releases have made compilations and remixes of these recordings, thus re-introducing the genre to new generations of listeners and fans of afropop and groove . In the late 1990s and early 2000s, a small Afrobeat scene began in Brooklyn , New York, with projects including Antibalas , The Daktaris and the Kokolo Afrobeat Orchestra . Since then, other artists like Zongo Junction have come onto

1593-507: The 21st century. This takes on diverse influences and is an eclectic combination of genres such as hip hop , house , jùjú , ndombolo , R&B , soca , and dancehall . The two genres, though often conflated, are not the same. Afrobeat evolved in Nigeria in the late 1960s by Fela Anikulapo Kuti , (born Olufela Olusegun Oludotun) who, with drummer Tony Allen , experimented with different contemporary music of that time. Afrobeat

1652-732: The Afro-beat Crusaders , Shaolin Afronauts (from Adelaide, Australia), Newen Afrobeat (from Santiago, Chile), Eddy Taylor & the Heartphones (from Cologne, Germany), Bantucrew , the Albinoid Afrobeat Orchestra ;/ Albinoid Sound System (from Strasbourg, France), Underground System / Underground System Afrobeat (from Brooklyn, New York), Abayomy Afrobeat Orquestra, Chicago Afrobeat Orchestra, Warsaw Afrobeat Orchestra, Karl Hector &

1711-535: The Malcouns (from Munich, Germany), Ojibo Afrobeat (from Vilnius, Lithuania), Afrodizz and Dele Sosimi and the ex-Africa '70 members Oghene Kologbo (guitar) with Afrobeat Academy , Nicholas Addo-Nettey (percussion), who is also known as Pax Nicholas  [ de ] , with Ridimtaksi (both based in Berlin, Germany). Namibian artist EES (Eric Sell) associates Afrobeat with reggae and kwaito . In 2009,

1770-458: The ability for class action status to be certified. Wu found in August 2023 that Live Nation's rule changes to potentially be "fundamentally unfair", and that New Era had "unchecked power" to group cases together as part of the bellwether arbitration process, and that New Era's limits could not reasonably allow plaintiffs to prove their case. Furthermore, Wu found that Live Nation offerings were often

1829-407: The acquiring company (if what was received from the transfer included common stock from the purchasing company). If the acquired company is liquidated then the company needs an additional entry to distribute the remaining assets to its shareholders. Treatment to the purchasing company: When the purchasing company acquires the subsidiary through the purchase of its common stock, it records in its books

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1888-415: The acquiring company: When purchasing the net assets the acquiring company records in its books the receipt of the net assets and the disbursement of cash, the creation of a liability or the issuance of stock as a form of payment for the transfer. Treatment to the acquired company: The acquired company records in its books the elimination of its net assets and the receipt of cash, receivables or investment in

1947-403: The arbitration rules in order to gain “outsized settlement leverage” with Live Nation, citing the large fees that would have been charged to Live Nation if JAMS were to stay as arbitrator. Ultimately, federal judge George H. Wu , who was overseeing the proposed class action, ruled that the changing of arbitrators unilaterally made the entire arbitration agreement unconscionable, and kept in place

2006-424: The company had spread false information about his business dealings with Beyoncé . In May 2024, the company confirmed rumours of a 1.3 TB data leak, at subsidiary Ticketmaster, whose potential impact may extend to over 500 million of their customers, making it one of the world's biggest digital security breaches. The leak was attributed to the malicious efforts of ShinyHunters , a hacker group who allegedly targeted

2065-425: The company's Snowflake (cloud-based) infrastructure. The incident led to a class action lawsuit. In August of 2024, Irelands's consumer watchdog ruled out an investigation into ticket pricing "after some tickets jumped in price by over 400 per cent on Ticketmaster within minutes" and failures of their website during sales of upcoming concerts for the band Oasis to be performed in August of 2025. On May 23, 2024,

2124-421: The end of the year, a consolidation working paper is prepared to combine the separate balances and to eliminate the intercompany transactions, the subsidiary's stockholder equity and the parent's investment account. The result is one set of financial statements that reflect the financial results of the consolidated entity. There are three forms of combination: (1) horizontal integration: the combination of firms in

2183-402: The equity method may be appropriate (FASB interpretation 35 (FIN 35) underlines the circumstances where the investor is unable to exercise significant influence). To account for this type of investment, the purchasing company uses the equity method . Under the equity method, the purchaser records its investment at original cost. This balance increases with income and decreases for dividends from

2242-407: The event, supports the finding that the performing artists’ safety was a concern for defendants and foreseeable to defendants." An antitrust class action lawsuit filed by four customers of Ticketmaster in 2023 alleged that two years earlier, when Live Nation was about to be faced with large amounts of demands for arbitration, that the company changed its arbitration provider and rules from JAMS to

2301-884: The festival's operations, and providing consulting to Live Nation. In April 2020, it was disclosed that Saudi Arabia 's Public Investment Fund (PIF) recently acquired a 5.7% stake in Live Nation, as of April 28, 2020, the investment was valued at just shy of $ 500 million. The transaction, performed on the open market, made the PIF Live Nation's third-largest shareholder. On April 25, 2022, Live Nation acquired Philippines -based promoter Music Management International (MMI) to create its local branch. Live Nation Entertainment's business segments are concerts, ticketing, and sponsorship and advertising. The company promotes and operates live music events and manages artists under its concerts division Live Nation Concerts . Live Nation Entertainment's artist management arm, called Artist Nation,

2360-409: The genre spread throughout the African continent, many bands took up the style. The recordings of these bands and their songs were rarely heard or exported outside the originating countries but many can now be found on compilation albums and CDs from specialist record shops. Many jazz musicians have been attracted to the aromatic genre of Afrobeat. From Roy Ayers in the 1970s to Randy Weston in

2419-711: The incident, which in January 2022 were combined down into a single case. In December 2021, the United States Congress House Oversight Committee announced a bipartisan investigation into Live Nation's role in the incident. In February 2022, the family of Drakeo the Ruler filed a wrongful death lawsuit against Live Nation in the Los Angeles County Superior Court , after the rapper was killed in

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2478-449: The interests of all of the other claimants, current and future, whom would be bound by rulings from the bellwether proceedings. Live Nation counter argued that New Era's rules were valid and that a simple rule change should not prohibit the arbitration clause from being enforced, and that the bellwether procedures should be used in order so that claims get decided quickly; Live Nation's attorneys further alleged that plaintiffs only sued over

2537-465: The investment in the acquired company and the disbursement of the payment for the stock acquired. Treatment to the acquired company: The acquired company records in its books the receipt of the payment from the acquiring company and the issuance of stock. FASB 141 disclosure requirements: FASB 141 requires disclosures in the notes of the financial statements when business combinations occur. Such disclosures are: Treatment of goodwill impairments: When

2596-426: The investment is considered impaired or there are liquidating dividends, both of which reduce the investment account. Liquidating dividends : Liquidating dividends occur when there is an excess of dividends declared over earnings of the acquired company since the date of acquisition. Regular dividends are recorded as dividend income whenever they are declared. Impairment loss : An impairment loss occurs when there

2655-646: The merger, but reversed its decision on December 22, 2009. The merger was opposed in the U.S. by some regulators, artists, fans, and competing firms, who argued it would reduce competition in the industry and increase ticket costs. Rock musician Bruce Springsteen was a vocal opponent of the merger at the time. On January 25, 2010, the U.S. Justice Department approved the merger pending certain conditions. Ticketmaster had to sell ownership of its self-ticketing company, Paciolan , and license its software to Anschutz Entertainment Group (AEG), which would allow it to compete "head-to-head" with Ticketmaster for business. AEG

2714-529: The music label Knitting Factory Records (KFR) produced the Broadway musical Fela! The story showcased Kuti's "courage and incredible musical mastery" along with the story of his life. The show had 11 Tony nominations, receiving three for Best Costumes, Best Sound and Best Choreography. Fela! was on Broadway for 15 months and was produced by notables such as Shawn "Jay-Z " Carter and Will and Jada Pinkett-Smith . Many celebrities were noted as attending

2773-474: The music of Vampire Weekend and Paul Simon . In 2020, Antibalas was nominated for the Grammy Award for Best Global Music Album . Afrobeat artists of the 2000s and present continue to follow in the footsteps of Fela Kuti. Some examples of these artists are his sons Femi Kuti and Seun Kuti , Franck Biyong & Massak (from Cameroon), London Afrobeat Collective (from London, UK), Segun Damisa &

2832-521: The only places in certain regions to find events, and that patrons were effectively forced into either accepting Live Nation's terms or forgoing attending live events altogether. On appeal to the Ninth Circuit , the court concurred with Wu, with judges calling New Era's rules "cockamamie" and "just nuts". Consolidation (business) In business , consolidation or amalgamation is the merger and acquisition of many smaller companies into

2891-422: The original organizations cease to exist and are supplanted by a new entity. There are three forms of business combinations: A parent company can acquire another company by purchasing its net assets or by purchasing a majority share of its common stock. Regardless of the method of acquisition, the costs (including direct costs, costs of issuing securities and indirect costs) are treated as follows: Treatment to

2950-555: The same business lines and markets; (2) vertical integration: the combination of firms with operations in different but successive stages of production or distribution or both; (3) conglomeration: the combination of firms with unrelated and diverse products or services functions, or both. Afrobeat Afrobeat (also known as Afrofunk ) is a West African music genre , fusing influences from Nigerian (such as Yoruba and Igbo music ) and Ghanaian (such as highlife ) music, with American funk , jazz , and soul influences. With

3009-642: The scene. Many others have cited Afrobeat as an influence, like Daptone Records-adjacent groups The Budos Band and El Michels Affair . The horn section of Antibalas have been guest musicians on TV on the Radio 's highly acclaimed 2008 album Dear Science , as well as on British band Foals ' 2008 album Antidotes . Further examples are Val Veneto, Radio Bantu, Tam Tam Afrobeat, Combo Makabro, Marabunta Orquesta, Minga!, Antropofonica, Guanabana Afrobeat Orquesta, El Gran Capitan, Morbo y Mambo, Luka Afrobeat Orquesta or NikiLauda. Some Afrobeat influence can also be found in

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3068-407: The shareholders of each blending company, becoming, substantially, the shareholders of the blended undertakings. There may be amalgamations, either by transfer of two or more undertakings to a new company or the transfer of one or more companies to an existing company". Consolidation is the practice, in business, of legally combining two or more organizations into a single new one. Upon consolidation,

3127-409: The subsidiary that accrue to the purchaser. Treatment of Purchase Differentials : At the time of purchase, purchase differentials arise from the difference between the cost of the investment and the book value of the underlying assets. Purchase differentials have two components: Purchase differentials need to be amortized over their useful life; however, new accounting guidance states that goodwill

3186-438: The three cases would apply to the rest of the cases automatically. New Era's rules further included limiting filings to ten pages, briefs to five pages, prohibitions on Discovery , and a maximum of 10 documents as evidence, which the plaintiffs described as “absurd” and which would severely hinder the probability impossible for bellwether claimants to meet antitrust pleading standards in their individual cases – let alone to protect

3245-501: The world," "the largest producer of live music concerts in the world," "the world’s leading live entertainment ticketing sales and marketing company," and "one of" the world's biggest artist management companies and music advertising networks for corporate brands. In May 2024, the Justice Department and a coalition of states sued to break up Live Nation over antitrust violations. In 2009, Live Nation and Ticketmaster ,

3304-825: Was given the option after five years to buy the software, replace it with something else, or partner with another ticketing company. Additionally, Live Nation Entertainment was placed under a 10-year court order prohibiting it from retaliating against venues that choose to accept competing ticket contracts. In 2017, Live Nation Entertainment reported revenue of $ 10.3 billion. In April 2018, the United States Department of Justice launched an investigation following allegations by AEG that Live Nation pressured them into using Ticketmaster and intentionally avoided booking acts for AEG venues. Live Nation stated that decisions in selecting venues were not punitive, and were instead based on size and management. In 2020, Live Nation

3363-529: Was hit particularly hard by the COVID-19 pandemic , with essentially all concerts and sporting events around the world on hold. The company has been sued as it has been reluctant to offer full refunds to customers, though it has since amended its refund rules to address those complaints. On February 25, 2021, Live Nation released its full-year 2020 financial results, of which the company saw revenues fall by 84%. In 2016, Live Nation acquired Founders Entertainment,

3422-517: Was influenced by a combination of different genres, such as highlife , fuji , and jùjú , as well as Yoruba vocal traditions, rhythm, and instruments. In the late 1950s, Kuti left Lagos to study abroad at the London School of Music, where he took lessons in piano and percussion and was exposed to jazz. Fela Kuti returned to Lagos and played a highlife-jazz hybrid, albeit, without commercial success. In 1969, Kuti and his band went on

3481-685: Was when Kuti realized that he was not playing African music. From that day forward, Kuti changed his sound and the message behind his music. Upon arriving in Nigeria, Kuti had also changed the name of his group to " Africa '70 ". The new sound hailed from a club he established called the Afrika Shrine . The band maintained a five-year residency at the Afrika Shrine from 1970 to 1975 while Afrobeat thrived among Nigerian youth. Another influential person Ray Stephen Oche  [ de ] ,

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