“Power and Greed: Monopolies, Mergers, and Cartels on the American Stage”—A Conversation with Author and Professor Spencer Weber Waller

In this episode of Ruled by Reason, AAI General Counsel Mark S. Hegedus sits down with Professor Spencer Weber Waller of Loyola University Chicago School of Law to discuss his new book, Power and Greed: Monopolies, Mergers, and Cartels on the American Stage, published by Methuen Drama, which is part of Bloomsbury, on October 15, 2026. The book chronicles the history of cartels and monopoly power in American live entertainment, from the rise of national theater and vaudeville circuits in the late nineteenth century to the modern-day antitrust litigation against Live Nation and Ticketmaster.

Hegedus and Waller discuss the origins of the book and the surprising discovery that inspired it: an 1896 agreement among Broadway producers, booking agents, and theater managers that established a powerful national cartel known as “the Syndicate” (4:43). They explore the rise of national entertainment circuits following the Civil War (8:55); the emergence of cartels and monopolies controlling vaudeville and legitimate theater (13:22); and the colorful history of the Shubert brothers, who challenged the Syndicate only to establish a monopoly of their own (16:28).

The conversation then turns to the Justice Department’s eventual challenge to the Shubert monopoly, including the legal obstacles that delayed enforcement, the influence of the Supreme Court’s Paramount decision, and the landmark consent decree requiring the Shuberts to divest theaters and relinquish control over booking and ticketing (26:09). Waller explains how the breakup helped usher in a golden age of American theater and illustrates the importance of competition not only for prices and consumer choice, but also for innovation in the creative arts (33:40).

Hegedus and Waller also discuss the persistence of market power in live entertainment, including the concentration of Broadway theater ownership, the growing influence of Broadway Across America in national touring, and the parallels between historical theater monopolies and the modern Live Nation–Ticketmaster business (36:56). Finally, they consider the lessons of this history for contemporary antitrust enforcement, including the importance of structural remedies, the dangers of delayed enforcement, and the need to protect competition against the influence of concentrated economic and political power (40:10).

GUEST:
Spencer Weber Waller, John Paul Stevens Chair in Competition Law and Director, Institute for Consumer Antitrust Studies, Loyola University Chicago School of Law

HOST:
Mark S. Hegedus, General Counsel, American Antitrust Institute

Book: Power and Greed: Monopolies, Mergers, and Cartels on the American Stage (Methuen Drama, 2026), available at powerandgreed.com.