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An Explanation of Why Two Directors Resigned from the Live
Nation Board of Directors to Resolve Antitrust Concerns
Every year as part of the update of various regulatory
thresholds, including the much more closely watched HSR thresholds,
the Federal Trade Commission (FTC) revises the Clayton Act Section
8 thresholds, which prohibit a person from serving as a director or
officer of two competing corporations (known as an interlocking
directorate, interlocking boards or interlock). Currently, the
Section 8 prohibition is triggered if each corporation has capital,
surplus, and undivided profits aggregating more than $37,382,000
Endeavor Executives Resign from Live Nation Board of Directors after Justice Department Expresses Antitrust Concerns Details Written by Imperial Valley News
Beverly Hills, California - The Department of Justice announced Monday that two executives of Endeavor Group Holdings Inc. – Chief Executive Officer and Director Ariel Emanuel, and President Mark Shapiro – have resigned their positions on the Live Nation Entertainment Inc. Board of Directors after the department expressed concerns that their positions on the Live Nation Board created an illegal interlocking directorate.
An interlocking directorate is where one person – or an agent of one person or company – serves as an officer or director of two companies. Section 8 of the Clayton Act prohibits the same person or company from serving as an officer or director of two competing companies, except under certain defined safe harbors.