By Claudia Assis
Non-material impact on business operations, says Live Nation
Live Nation Entertainment Inc. confirmed late Friday that its Ticketmaster unit was the victim of a cyberattack, but the entertainment giant said it does not expect it to have a "material" effect on its operations.
Live Nation (LYV) said in a filing that it identified unauthorized activity within a third-party cloud database on May 20. It contained company data primarily from Ticketmaster, he said.
Seven days later, "the criminal threat actor offered for sale what was purportedly the company's user data via the dark web," the company said.
"We are working to mitigate the risk to our users and the company, and have notified and are cooperating with law enforcement authorities" and notifying regulatory authorities and users whose personal information may have been accessed, Live Nation said.
The document did not detail what information the bad actors were believed to have intercepted.
Several news reports last week, including Mashable, said the hacking group that claimed responsibility for the attack allegedly attempted to sell the information, which included full names, addresses, phone numbers, email addresses and order history. from Ticketmaster clients, for $500,000.
As of Friday, "the incident has not had, and we do not believe is reasonably likely to have, a material impact on our general business operations or our financial condition or results of operations," the company said.
Live Nation shares were flat in Friday's after-hours session after ending the regular trading day up 0.45%.
The company was sued last week by the Department of Justice, which is seeking to dismantle the concert promotions and ticketing giant on monopoly grounds. Live Nation has said the allegations are "baseless" and that it faces increasing competition.
Read on: The average concert ticket hit $120 last year, but Live Nation's antitrust case may not make it any cheaper
-Claudia Assis
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05-31-24 1826ET
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