The Justice Department is widening its antitrust crackdown as it goes after Live Nation (LYV), filing a lawsuit Thursday that seeks a breakup of the entertainment giant.
US prosecutors and a group of states argue that Live Nation used its Ticketmaster ticketing monopoly to suppress competition. The lawsuit follows a two-year investigation into the company.
The suit comes 14 years after the DOJ approved a merger between Live Nation and Ticketmaster. Ticketmaster is a dominant provider of ticket sales across the US that processes more than 80% of sales, while Live Nation owns and operates hundreds of high-profile venues and is a giant concert promoter.
The combined company has long faced criticism of what lawmakers and regulators consider to be exorbitant fees, problematic customer service, and unfair practices.
Live Nation’s stock was down roughly 5% as the suit was filed in the Southern District of New York.
“Live Nation relies on unlawful, anticompetitive conduct to exercise its…
2024-05-23 15:10:56
Article from finance.yahoo.com