Live Nation (LYV) benefits from robust global fan demand for live events. However, high costs hurt.
The DOJ and a group of 30 states and the District of Columbia argued the big concert promoter and Ticketmaster illegally inflated concert ticket prices and hurt artists.
The Justice Department filed an antitrust lawsuit against Ticketmaster and parent company Live Nation, multiple outlets reported Thursday, the latest in the Biden administration's sweeping antitrust crackdown in various markets.
The Justice Department has filed a civil antitrust lawsuit against Live Nation-Ticketmaster, alleging "monopolization and other unlawful conduct."
The U.S. Justice Department and a group of 30 states and the District of Columbia Thursday sued to break up Live Nation , arguing the big concert promoter and its Ticketmaster unit illegally inflated concert ticket prices and hurt artists.
The U.S. Department of Justice and a group of states have filed a lawsuit against Live Nation Entertainment , according a court docket on Thursday.
Accused of violating antitrust laws, Live Nation Entertainment faces a fight that could reshape the multibillion-dollar live music industry.
The U.S. Department of Justice is suing to break up Live Nation, the parent company of Ticketmaster, over alleged antitrust violations. The lawsuit follows a DOJ probe launched in 2022 and bolstered by fan complaints following a botched roll out for tickets to Taylor Swift's Eras tour.
Live Nation Entertainment Inc (NYSE:LYV) stock is 5.5% lower to trade at $95.90 this morning, after Bloomberg reported the Department of Justice (DoJ) and a group of states planned to sue the company today in the Southern District of New York.
The Justice Department is expected to file a lawsuit against Live Nation-Ticketmaster today, claiming that the live events and ticketing company has illegally stifled competition. Multiple media outlets reported on Wednesday evening that the DOJ, along with several states, will see remedies including that the company should be split up.
Shares of Live Nation Entertainment were down in premarket trading on Thursday after news reports that the U.S. government and some states will seek to break up the live-events giant in a lawsuit that could be filed this week.
The Justice Department and a group of states plan to sue Live Nation and call for its break up on Thursday, alleging the entertainment giant has used its ticketing monopoly to suppress competition, The Wall Street Journal reported.