CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS
|12 Months Ended|
Dec. 31, 2020
|Related Party Transactions [Abstract]|
|CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS||CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS
Transactions Involving Related Parties
The following table provides details of the total revenue earned and expenses incurred from all related-party transactions:
The significant related-party transactions included in the table above are detailed below.
Two current members of our board of directors were originally nominated by Liberty Media pursuant to a stockholder agreement. These directors receive directors’ fees and stock-based awards on the same basis as other non-employee members of our board of directors.
We lease a venue from, and provide ticketing services to, a sports franchise owned by Liberty Media and pay royalty fees and non-recoupable ticketing contract advances to the sports franchise. We also receive transaction fees from the sports franchise for tickets the sports franchise sells using our ticketing software.
Our Chief Executive Officer became a member of the board of directors of Legends Hospitality Holding Company, LLC (“Legends”) in February 2015. In 2017, our President assumed this role from the Chief Executive Officer. Legends provides concession services to certain of our owned or operated amphitheaters. We receive fees based on concession sales at each of the amphitheaters.
In January 2018, our Chief Executive Officer became a member of the board of directors of Sirius XM Holdings Inc. (“Sirius XM”), a satellite radio company that is a subsidiary of Liberty Media. From time to time, we purchase advertising from Sirius XM.
Transactions Involving Equity Method Investees
We conduct business with certain of our equity method investees in the ordinary course of business. Transactions primarily relate to venue rentals and ticketing services. Revenue of $0.5 million, $2.7 million and $2.7 million were earned in 2020, 2019 and 2018, respectively, and expenses of $1.3 million, $1.0 million and $1.1 million were incurred in 2020, 2019 and 2018, respectively, from these equity investees for services rendered or provided in relation to these business ventures.
As of December 31, 2020 and 2019, we had accounts receivable and notes receivable balances of $12.6 million and $21.1 million, respectively, due from certain of our equity investees.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef