The U.S. Justice Department, along with a coalition of states, is preparing to file a lawsuit against Live Nation Entertainment Inc. over alleged antitrust violations linked to Ticketmaster's dominant control of concert ticket sales, Bloomberg reported, citing sources familiar with the matter.
The lawsuit, expected to be filed in the Southern District of New York on Thursday, seeks remedies that could potentially include the breakup of Live Nation.
Live Nation merged with Ticketmaster in 2010, a transaction that was closely examined by President Barack Obama's Justice Department. The merger was ultimately permitted under a settlement agreement.
Nonetheless, concerns have persisted about Live Nation's compliance with the settlement terms. In 2022, the Biden administration launched a new investigation into the company's practices due to ongoing concerns about its adherence to regulatory requirements.
Live Nation's stock (LYV) closed Wednesday's regular trading session at $101.40, down $0.58 or 0.57%. In after-hours trading, the stock further declined by $6.52 or 6.43%.
