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DOJ to Announce Antitrust Action Against Live Nation-Ticketmaster, States Join, Shares Drop 4.4%

May 22, 2024, 10:30 PM

The U.S. Department of Justice (DOJ) is preparing to announce an antitrust enforcement action against Live Nation Entertainment, the parent company of Ticketmaster. The action, which could be announced as soon as Thursday, seeks to break up the company due to alleged antitrust violations related to Ticketmaster's control over concert ticket sales. Several states are expected to join the DOJ in this lawsuit, which will be filed in the Southern District of New York. Live Nation has expressed openness to finding common ground to settle the investigation. The news has already impacted Live Nation's stock, with shares down 4.4% in after-hours trading. Tim Wu commented that such a lawsuit would be a positive development for the republic. Bloomberg News also reported on the involvement of multiple states.