Live Nation Entertainment Inc. (NYSE: LYV) announced it has reached a settlement with the U.S. Department of Justice to resolve an antitrust lawsuit. The settlement includes no admission of wrongdoing and awaits court approval.

Under the agreement, Live Nation will divest 13 exclusive booking agreements with amphitheaters nationwide while continuing to operate its owned venues as open facilities. The company will make its amphitheaters available to all promoters, allowing them to distribute up to 50% of tickets and capping ticketing service fees at 15%.

Ticketmaster will provide both exclusive and non-exclusive ticketing proposals to major concert venues, while venues may distribute portions of their tickets through other primary ticketing platforms.

"Today marks a major step in improving the concert experience for artists and fans throughout the United States," said Michael Rapino, president and CEO of Live Nation Entertainment.

The settlement extends the company's consent decree with the DOJ for eight years, including provisions against retaliation and conditioning practices.

The agreement contains no financial component with the DOJ. However, Live Nation has established a $280 million settlement fund to address damage claims from state plaintiffs who are not covered by this DOJ settlement.

Live Nation had maintained that the DOJ's allegations lacked merit, and a portion of the original claims were dismissed by the court before trial proceedings began.