The Justice Department filed an antitrust lawsuit against Ticketmaster and parent company Live Nation, multiple outlets reported Thursday, the latest in the Biden administration’s sweeping antitrust crackdown in various markets.
The lawsuit was filed in the Southern District of New York by the DOJ and 29 states and Washington, D.C., according to NBC News.
The department posted on X, the site formerly known as Twitter, that it will stream an “antitrust announcement” at 11 a.m. ET on Thursday.
Reports of the pending litigation sent the entertainment giant’s stocks sliding during post-market trading Wednesday, which have since continued lagging at more than 4% at market open Thursday.
Representatives for Live Nation did not immediately respond to Forbes’ request for comment.
This is a breaking story and will be updated.
The most recent antitrust action taken by the DOJ came in late March, when the department joined more than a dozen states and Washington D.C. in filing a landmark lawsuit against Apple. That lawsuit alleges that the iPhone maker illegally monopolized the smartphone market, violating Section 2 of the Sherman Antitrust Act.
Live Nation Shares Sink As Feds Reportedly Plan Antitrust Lawsuit Over Ticketmaster Tomorrow (Forbes)
U.S. Sues Apple In Landmark IPhone Antitrust Case (Forbes)
US Justice Department to Seek Breakup of Live Nation-Ticketmaster (Bloomberg)