Judicial decisions and official DOJ announcements

DOJ to File Antitrust Lawsuit to Break Up Live Nation and Ticketmaster by Thursday, Shares Fall 4.4%

May 22, 2024, 10:36 PM

The U.S. Department of Justice (DOJ) is preparing to file an antitrust enforcement action against Live Nation Entertainment, the parent company of Ticketmaster, with the aim of breaking up the two entities. The lawsuit, which is expected to be announced as early as Thursday, will be filed in the Southern District of New York. Several states are reported to be joining the DOJ in this action. This move comes in response to alleged antitrust violations related to Ticketmaster's control over concert ticket sales. The news has already impacted Live Nation's stock, with shares falling 4.4% in after-hours trading. Tim Wu commented that this will be a 'happy day for the republic.' The information comes from three people familiar with the matter.