🎟️Entertainment Giant Is In Hot Water With...?

Good morning. US stock futures moved higher in Thursday morning trading as Wall Street digested earnings from one of the latest tech darlings.

🎫 US DOJ trains eye on event company

📝 Our report: The US Department of Justice (DOJ) and several states are gearing up to sue Live Nation Entertainment for antitrust shenanigans, with breakup options on the table, according to reports from Bloomberg News. The Justice Department has been investigating Ticketmaster's domination of concert ticket sales, sources told Reuters in a separate statement.

 🔑 Key points:

• The legal action underscores the aggressive approach President Joe Biden's antitrust enforcers have adopted as they seek to create more competition in a wide range of industries from Big Tech to healthcare to groceries.

• Live Nation came under fire in 2022 after Ticketmaster botched the sale of tickets to Taylor Swift's 2023 tour. U.S. senators in January 2023 slammed Live Nation's lack of transparency and inability to block bot purchases of tickets, in a hearing called after the ticket sales fiasco.

• The Justice Department approved Ticketmaster's merger with Live Nation in 2010, a deal that was controversial at the time.

💡 So what: The U.S. Justice Department targeting Live Nation over antitrust concerns could significantly reshape the live entertainment industry. If the DOJ succeeds, potential outcomes include breaking up the company to increase competition, leading to more choices and possibly lower ticket prices for consumers. It may also set a precedent for stricter antitrust enforcement in other sectors, signaling the government's renewed commitment to curbing monopolistic practices and ensuring fair competition.

Thursday - Atlanta Fed President Raphael Bostic Speaks

Friday - Consumer Sentiment (final), Fed Gov Christopher Waller Speaks

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🤖 FCC Chair backs AI disclosure in ads

WHAT: Federal Communications Commission (FCC) Chairwoman Jessica Rosenworcel wants political ads on radio and TV to come with a label if they feature AI-generated content. "As artificial intelligence tools become more accessible, the commission wants to make sure consumers are fully informed when the technology is used," Rosenworcel said in a statement, adding her proposal "makes clear consumers have a right to know when AI tools are being used in the political ads they see."

WHY: There is growing concern in Washington that AI-generated content could mislead voters in the November presidential and congressional elections. Some senators want to pass legislation before November that would address AI threats to election integrity.

📱 Apple fights back against EU antitrust fine

WHAT: Apple is battling a $2 billion fine from EU antitrust regulators at Europe's second-highest court, arguing that it didn't play dirty with Spotify and other streaming rivals on the App Store, a court filing revealed. Apple had already said it would appeal after the European Commission handed down the fine in March, its first ever penalty for infringing EU antitrust rules and the third biggest penalty meted out to a company for anti-competitive behavior.

WHY: A ruling by the Luxembourg-based General Court could take several years while an appeal against its judgment to the Court of Justice of the European Union, Europe's top court, could drag out the litigation by a few more years.

🔨 Stock exchange owner fined over delays in reporting hack

WHAT: Intercontinental Exchange, Inc., owner of the New York Stock Exchange, agreed to a $10 million settlement after the US Securities and Exchange Commission (SEC) accused it of playing hide-and-seek with a 2021 hack of its systems. “This settlement involves an unsuccessful attempt to access our network more than three years ago,” ICE, which did not admit to or deny the SEC’s findings, said in a statement.

WHY: The SEC said that in April 2021 ICE learned that its virtual private network had been hacked by a “threat actor.” ICE did not alert the legal and compliance staff at its subsidiaries, which include many of the world’s largest trading platforms, for several days, according to the SEC. The agency’s rules require ICE to immediately tell SEC staff about such incidents.

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