Across the Board
Jury Finds Live Nation Illegally Monopolized Concerts and Ticketing
Verdict paves the way for more than 30 states to seek measures curbing the power of Ticketmaster’s parent, including a possible breakup
“A federal jury on Wednesday found that Live Nation illegally monopolized the ticketing market for major concerts in the U.S., in a win for a group of states that accused it of overcharging music fans and pressuring venues to use its dominant ticketing service, Ticketmaster. The verdict came after five weeks of trial and nearly four days of deliberation by jurors in a New York City federal court. The Justice Department made the decision last month to settle its case against Live Nation, leaving more than 30 states to try their claims without the federal government. Now, the group of states will likely try to persuade a judge during a new phase of proceedings that splitting up Live Nation is the only way to fix a broken market.” WALL STREET JOURNAL
M&A Momentum Builds as CEOs Signal Deal Appetite
With CEOs increasingly turning to M&A to drive growth, directors are being called on to sharpen their approach to risk, integration, and value creation
“When CEOs identify a trend, corporate board members should listen. New research from the Oliver Wyman Forum third annual CEO Agenda survey suggests that more chief executives will be considering the use of mergers and acquisitions over the next two years to accelerate their company’s growth. The report surveyed 415 CEOs representing roughly 10 percent of global market capitalization, shedding critical insight on several areas boards will need to work on closely with CEOs in order to keep their organizations competitive in one of the most volatile environments in recent years. According to the report, ‘CEOs are doubling down on acquisitions, with 94 percent of executives planning to pursue mergers and acquisitions in the next one to two years. Nearly two-thirds of respondents reported plans to leverage industry consolidation as another mechanism to build scale and competitive advantage.’” CORPORATE BOARD MEMBER
A Potential Airline Mega-Merger Raises Antitrust and Oversight Questions
Chatter about a suggested United-American deal raises familiar questions about whether scale will benefit efficiency, or lead to higher fares
“United Airlines CEO Scott Kirby reportedly floated the idea of a potential tie-up with rival American Airlines to the Trump administration earlier this year, a suggestion that if acted upon, would create the world’s largest airline. While the Trump administration has appeared more open to mega deals than its predecessors, such a merger would face heavy regulatory scrutiny with the top four airlines (those two carriers, plus Delta Air Lines and Southwest Airlines) already dominating about 80% of domestic capacity. If they combined, American and United would have a roughly 40% domestic share…. If the Justice Department ‘doesn’t object to that, then what would they object to? It is very hard to imagine a deal of that magnitude and concentration going through,’ said Samuel Engel, senior vice president at consulting firm ICF. He said consolidation allows carriers to better control capacity, which in turn can drive up fares, a key consideration generally with antitrust investigations…. Delta and United already account for most of the U.S. industry’s profit. American had fallen behind both airlines as it struggled to capitalize on higher-spending customers who are driving major airlines’ revenue in recent years.” CNBC
Delta Quietly Removes its Net-Zero 2030 Goal as Industry Commitments Shift
Delta’s shift reflects broader industry challenges in meeting ambitious sustainability targets amid slow progress on alternative fuels
"Delta Air Lines Inc. quietly scrubbed a pair of key environmental targets from its sustainability web page late last week. The Atlanta-based carrier deleted its pledge to use sustainable aviation fuel (SAF) for 10% of its jet fuel by 2030. It also rephrased its quest to achieve net-zero emissions by 2050 as an ‘aspiration,’ rather than a ‘goal.’ In a statement after publication, a Delta spokesperson said the carrier remained committed to its 2030 SAF goal. Delta said it still sees cleaner fuels as one of the most important ways to decarbonize flight, but its slow development threatens the industry’s climate ambitions…. Delta generated about 60 million tons of heat-trapping emissions in 2024. That’s equivalent to the entire climate footprint of Ireland or Hungary. Like most airlines, it has long touted sustainable jet fuel — made from feedstocks like animal fat or used cooking oil — as a critical lever to cut its emissions. Delta first pledged five years ago to get 10% of its jet fuel from these alternative sources by 2030.” LOS ANGELES TIMES
Airlines Press EU for Action as Fuel Risks Mount Amid Iran Conflict
Airspace closures and potential fuel shortages are forcing airlines to seek coordinated policy support from the EU
"European airlines have urged the European Union to step in with emergency measures to tackle repercussions from the Iran war, including widespread airspace closures and mounting concerns over jet fuel shortages... Industry group Airlines for Europe (A4E) has requested that the EU introduce a raft of crisis response measures, including EU-level monitoring of jet fuel supplies, a temporary suspension of the EU's carbon market for aviation, and scrapping certain aviation taxes …. The aviation sector has been hit by airspace closures since the U.S.-Israeli war on Iran began on February 28, with the European Union Aviation Safety Agency banning European airlines from operating in the airspace of several Gulf countries, including the UAE and Qatar until April 24. The sector is also staring at a jet fuel crunch after the closure of the Strait of Hormuz. Last week, industry group Airports Council International Europe (ACI) warned that Europe could face a systemic jet fuel shortage in three weeks.” REUTERS
Fiscal Pressures Mount Amid Prolonged Energy Strain
Short-term economic support is driving longer-term debt concerns across major economies
“Germany cut fuel taxes for two months, costing $1.9 billion. Canada announced a plan to slash taxes on gasoline, diesel and aviation fuels until early September — at a cost of $1.7 billion. Those actions took place just in the past few days. So far, since the war in the Middle East began, dozens of countries have cut taxes, subsidized energy bills and provided cash relief to households, racking up ever higher levels of emergency spending. Now, with the prospects growing of a prolonged energy crisis, even if a cessation of fighting were to take hold, policymakers are raising alarms about public debt and urging governments to show restraint with their support measures.” NEW YORK TIMES
Activists Aren’t Slowing Down, They’re Refocusing
As AI reshapes industries, activists are pressing for faster strategic pivots and portfolio realignment
“Global shareholder activism moderated in Q1 2026, with 62 campaigns launched worldwide, down 11% year on year. Despite fewer campaigns overall, activism remained persistent, with sustained pressure on boards and management teams across sectors. Activity continued to be concentrated in the US which accounted for roughly two‑thirds of global campaigns…. As AI drives a once-in-a-generation shift in capital spending, boards and management are under pressure to react…. with activists challenging companies to speed up their use of AI, to cut costs, improve profitability and exit businesses that AI will replace or make significantly less profitable. Activists secured 45 board seats during the quarter and CEO scrutiny stayed elevated, with nine resignations occurring within a year of an activist campaign. Alongside these trends, governance and regulatory developments are increasingly significant.” BARCLAYS
The Rise of Informal Activist Settlements: Opportunity or Risk for Boards?
Faster resolutions may appeal, but boards must weigh the long-term governance implications
“Recent, high-profile announcements involving engagement between the activist investment firm Elliott Management and two companies, Phillips 66 and PepsiCo, have drawn renewed interest in whether a company should consider an informal settlement as a means of resolving an activist campaign instead of a formal, written agreement. While not without risks, these arrangements can deliver swift, cost-effective resolutions that serve the best interests of shareholders and minimize disruption to the business…. Unlike formal settlements, which are governed by fully executed agreements — often containing binding standstill provisions, voting commitments and nondisparagement clauses — informal settlements rely largely on either public pressure to perform or fear of public backlash for not abiding by the informally brokered compromise…. In exchange, the activist may privately communicate that it will not nominate directors at the next annual meeting and either issue a public statement supporting the company’s announcement or agree to be mentioned in the release, noting its constructive engagement.” HARVARD LAW SCHOOL FORUM ON CORPORATE GOVERNANCE
The Lingering Cost of Cyber Breaches
What was once seen as a short-term disruption is increasingly viewed as a long-term value risk
“A new study conducted jointly by ISS STOXX and ISS-Corporate examined the impact of reported cyber incidents on share values across the U.S. Russell 3,000 index over a three-year period from 2022 through 2024. The study shows that firms reporting significant cyber incidents underperform the market (as measured by share price) by nearly 5% on average. It also demonstrates that this underperformance is sustained over a year or more. The results underscore the importance of maintaining an ongoing program of cyber risk measurement, cyber risk management, and continuous improvement. Diligence in managing technical risks and in ensuring sound governance oversight are critical to protecting equity stakeholders from the most negative outcomes.” HARVARD LAW SCHOOL FORUM ON CORPORATE GOVERNANCE
Opinion: Dow Names Its Next CEO, But Won’t Quite Let Go of the Last One
A carefully planned handoff risks falling short if Jim Fitterling’s continued presence blurs authority at a pivotal moment for the company
“Dow announced yesterday that chief operating officer Karen Carter will become CEO on July 1, with Jim Fitterling staying on as executive chair…. Fitterling noted that Carter’s appointment ‘reflects a deliberate, multi‑year succession process, in partnership with our Board of Directors, designed to support consistent execution as we continue advancing Dow’s strategy.’ Kudos to Fitterling for taking succession seriously. Now, he should give Carter space to do her job. During his eight-year tenure, Fitterling has transformed Dow from a commodity chemicals company to an innovative high-growth materials science company…. But he’s only just starting to get a significant rebound in the stock and traction from technology after seeing sales crushed by industry overcapacity, tariffs, and other challenges. And he made clear a new CEO is not a shift in course…. It’s easy to take comfort in a former CEO staying close by during tough times. But Disney’s Bob Iger learned the hard way the importance of giving successors a clean slate…. Carter will face the same headwinds as her boss. As Fitterling told energy editor Jordan Blum last month: ‘The volatility is off the charts right now.’ She might welcome his guidance as she takes over a capital-intensive, energy-sensitive global business that’s navigating a cyclical downturn, war, regulations and a brand-new ‘transform to outperform’ plan to quickly cut costs with automation and AI.” FORTUNE
Governance as a Growth Enabler, Not Just a Safeguard
Informal decision-making breaks down at scale, effective governance brings structure, consistency, and transparency
“Many founders associate governance with bureaucracy and external oversight and try to delay formal structures until required by investors or regulators. However, strong governance is often the key to providing an institutional backbone for sustainable growth and stakeholder confidence, and startups that recognize these advantages maintain their edge. Understanding how governance frameworks help startups scale responsibly and attract long-term capital is essential…. When founders put effort into establishing their governance frameworks, they see the benefits almost immediately. Their decision-making process becomes structured, and with it comes reduced ambiguity and conflict during periods of hypergrowth. When they combine these frameworks with transparent reporting systems, they can enable their leadership teams to monitor performance, identify risks early, and allocate resources far more efficiently. Regular board reporting also helps align management and investors around priorities, timelines, and expectations.” NATIONAL LAW REVIEW
