U.S. Justice Department To Sue Live Nation Over Ticketmaster's Alleged Antitrust Violations : Report

(RTTNews) - The U.S. Justice Department, alongside a coalition of states, is preparing to sue Live Nation Entertainment Inc. over alleged antitrust violations related to Ticketmaster's dominant control of concert ticket sales, Bloomberg reported citing people familiar with the case.

The lawsuit, slated for filing in the Southern District of New York on Thursday, aims to pursue remedies, potentially including the breakup of Live Nation, according to the report.

In 2010, Live Nation merged with the ticketing giant Ticketmaster. The transaction underwent scrutiny by President Barack Obama's Justice Department, which ultimately allowed it to proceed under a settlement agreement.

However, concerns have persisted regarding Live Nation's adherence to the terms of the settlement. In 2022, the Biden administration initiated a fresh investigation into the company's conduct, prompted by ongoing worries surrounding its compliance with regulatory requirements.

LYV closed Wednesday's regular trading at $101.40 down $0.58 or 0.57%. In the after-hours trading, the stock further dropped $6.52 or 6.43%.