US Justice Department to Seek Breakup of Live Nation-Ticketmaster [View all]
Source: Bloomberg
May 22, 2024 at 6:21 PM EDT
Updated on May 22, 2024 at 6:41 PM EDT
The US Justice Department and a group of states will sue Live Nation Entertainment Inc. for antitrust violations related to Ticketmaster’s unrivaled control of concert ticket sales, according to people familiar with the case.
The suit is expected to be filed in the Southern District of New York Thursday, said the people who asked not to be identified. The dispute will seek remedies including breaking up Live Nation, said the people, who asked not to be named discussing confidential information.
Live Nation shares dropped by 10% in late trading following Bloomberg’s report on the Justice Department’s planned lawsuit. The Justice Department declined to comment. Live Nation didn’t immediately respond to requests for comment.
The move is the latest antitrust suit pursued by the Biden administration, which has made competition a key component of its economic policy, bringing cases against companies including Alphabet Inc.’s Google and Amazon.com Inc.
Read more: https://www.bloomberg.com/news/articles/2024-05-22/justice-department-to-seek-breakup-of-live-nation-ticketmaster
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