A proposed federal antitrust settlement with entertainment giant Live Nation could force changes to booking control at two major Milwaukee music venues, potentially reshaping a portion of the city’s live entertainment market.

Earlier this month Beverly Hills-based Live Nation, the parent company of Ticketmaster, reached a tentative settlement in the years-long lawsuit brought on by the U.S. Department of Justice, along with 40 state attorneys general, that accused the company of illegally maintaining a monopoly by gaining control of every major part of the live events industry nationwide. 

Under the settlement, which won’t be final until approved by the court, Live Nation would “divest ownership and/or control” of 13 concert venues across the country, according to a term sheet filed in the case. Two of those 13 venues are in Milwaukee: the 10,000-capacity BMO Pavilion and 23,000-capacity American Family Insurance Amphitheater, both located at Henry Maier Festival Park. 

Both venues are owned by Summerfest producer Milwaukee World Festival Inc. and since 2019 have been under a preferred promoter agreement with Madison-based FPC Live, a subsidiary of Live Nation and owner of the new Landmark Credit Union Live venue in downtown Milwaukee’s Deer District. The contract gives FPC Live preferred booking rights to all national touring shows at the two venues on non-Summerfest dates. MWF independently books and produces Summerfest shows. 

An end to the agreement could open the door for a new promoter, potentially shifting booking power, artist access and revenue dynamics at two of Milwaukee’s largest concert venues.

Asked to respond to the possible impact of the Live Nation-DOJ settlement, MWF sent BizTimes the following statement: “Milwaukee World Festival’s priority remains the same: delivering unforgettable live music experiences to the community and our fans, as we have done for the past five decades. We are awaiting further details on the pending litigation and closely monitoring any developments.” 

Since the deal with FPC Live was inked, the American Family Insurance Amphitheater and BMO Pavilion have seen a jump in average annual concert bookings (outside of Summerfest) from five in 2019 to 17 in 2025. Also contributing to the trend was the amphitheater’s massive $51 million renovation, completed in 2021.

“We’re really excited about how that’s extended our season and really brought more people to the lakefront to enjoy live music,” Sarah Pancheri, president and CEO of Milwaukee World Festival, told BizTimes in a January interview. “It was a wonderful confluence between having the new venue as well as the preferred promoter relationship in place.”

FPC Live, with joint venture partner Live Nation, currently promotes “hundreds” of shows in Milwaukee each year at about a dozen venues across the city, including those operated by The Pabst Theater Group as well as the Bradley Symphony Center. But the company took a major step in expanding its local market share with the development and recent opening of its own 4,500-capacity venue, which expects to host 70 concerts and events in its first year. 

Some argue that Live Nation’s backing gives Landmark Live a huge advantage over independently operated venues in booking acts and that the new venue won’t bring in new shows as much as it will divert bookings away from existing venues. The cover story of BizTimes Milwaukee’s Jan. 25 issue explores the state of live music in Milwaukee and how the new venue will shake things up.

Landmark Live is one of now five venues FPC Live and Live Nation own in Wisconsin, including The Sylvee, Orpheum Theatre, Majestic Theatre and High Noon Saloon, all in Madison. 

As a whole, Live Nation currently operates or has exclusive booking rights for nearly 400 venues, and growing, around the world. Its new downtown Milwaukee venue is one of 18 new venues the company is opening or breaking ground on over the next year.

So, for FPC Live, giving up booking rights at two venues – that are only in operation five months out of the year – wouldn’t result in a huge loss of market share, said Bryan Kroes, an entertainment attorney with Wauwatosa-based Hurtado Zimerman SC. But for the venues, a change in booking control – whether it’s a local entity like Pabst Theater Group or another national player like AEG – could impact what acts it’s able to attract. 

“As owners come and go, you may see certain acts, especially with Live Nation, you were seeing a lot of acts that were signed with Live Nation as a promotion company being booked into Live Nation venues, so (under another promoter) you may see more diversity in acts, specifically ones that are not Live Nation acts,” said Kroes. 

The settlement between Live Nation and the DOJ was announced March 9, just a week after the trial began. The settlement drew criticism from the presiding judge, several co-plaintiff states and industry experts, who said negotiations were conducted privately and the agreement falls short of addressing monopoly concerns.

“One of the biggest drawbacks that’s being publicized is that the intention or the thrust of the litigation was that it would break up an alleged monopoly, but there’s nothing in this agreement that actually did that,” said Kroes. “It essentially allowed the monopoly to stay in place and then just put certain contingencies or other factors in place that would allow for competition to continue to exist in an ostensibly fair manner, but it didn’t necessarily break up the monopoly per se.”

The trial resumed March 16, now led by more than 30 states, including Wisconsin, who rejected the settlement deal.

“The Wisconsin Department of Justice works to advance fair and open competition, which can be an important part of keeping or making goods and services affordable,” said Wisconsin Attorney General Josh Kaul in a statement. “Wisconsin is part of a group of states that will be continuing this important litigation against Live Nation.”

There’s no telling how much longer the case will drag on, and there could still be some changes to the terms of initial settlement agreement if the judge doesn’t grant approval.

“Everything is so up in the air,” said Kroes. “None of us looking at this event today can say, ‘This is how it’s going to be,’ and the reality is that it’s likely going to change. It’s unlikely that this agreement is going to be what governs the relationships of the parties going forward and we may two weeks, three weeks, four weeks from now see a completely different term sheet that may have some of the same elements in it but just a different flavor altogether.”