- Justice Department probing ticketing giant after 2010 merger
- Several state attorneys general could join a federal lawsuit
The Justice Department may file an antitrust complaint as soon as next month aimed at forcing Live Nation Entertainment Inc. to spin off its Ticketmaster ticketing business, according to three people familiar with the matter.
The agency has been investigating the entertainment giant for years amid concerns Live Nation has illegally tied its concert promotion services to use of Ticketmaster, in violation of the terms of the 2010 settlement that allowed it to acquire the ticketing company. Two of the people, who asked not to be named discussing the confidential probe, said the timing of a complaint could still slip.
Several state attorneys general have also been involved in the investigation and could join the Justice Department in an eventual suit, the people said. Live Nation shares fell as much as 9.2% Tuesday morning in New York, the most since last July.
A Justice Department spokesperson declined to comment. A spokeswoman for Live Nation didn’t immediately respond to a request for comment.
Ticketmaster, the largest US ticketing company, merged with Live Nation, the biggest concert promoter, 14 years ago following a lengthy antitrust investigation. The Justice Department required the combined company to pledge that it wouldn’t tie its services together or retaliate against venues that switched promoters or ticketing services.
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Leah Nylen
Bloomberg News
Photo Credit:
- In this photo illustration, a Ticketmaster website is shown on a computer screen in 2022 in Miami, Fla.Photo illustration: Joe Raedle/Getty Images
Source : Bloomberg Law
Link to original : US Prepares Suit Against Live Nation Over Ticketmaster (1)
