Live Nation confirms Ticketmaster was hacked with user data at 'dark web' risk

By Claudia Assis

Impact not material business operations, Live Nation says

Live Nation Entertainment Inc. confirmed late Friday that its Ticketmaster unit was a victim of a cyberattack, but the entertainment giant said it doesn't 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 mostly from Ticketmaster, it said.

Seven days later, "the criminal-threat actor offered what it alleged to be company user data for sale via the dark web," the company said.

"We are working to mitigate risk to our users and the company, and have notified and are cooperating with law enforcement" and notifying regulatory authorities and users who may have had their personal information accessed, Live Nation said.

The filing did not detail which information the bad actors were believed to have tapped.

Several news reports last week, including on Mashable, said that the hacker group that claimed responsibility for the attack allegedly tried to sell the information, which included Ticketmaster customers' full names, addresses, phone numbers, email addresses and order history, for $500,000.

As of Friday, "the incident has not had, and we do not believe it is reasonably likely to have, a material impact on our overall business operations or on our financial condition or results of operations," the company said.

Shares of Live Nation were flat in the after-hours session Friday after ending the regular trading day up 0.45%.

The company last week was sued by the Justice Department, which is seeking to break up the concert-ticketing and promotions giant on monopoly grounds. Live Nation has said that the allegations are "baseless" and that it is facing increasing competition.

Read on: The average concert ticket hit $120 last year, but the Live Nation antitrust case may not make it cheaper

-Claudia Assis

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05-31-24 1826ET

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