The Justice Department is expected to file suit Thursday against entertainment giant Live Nation over allegations the company has monopolized the concert ticket market, according to Bloomberg and The Washington Post, possibly seeking to break up the controversial Ticketmaster parent—sending Live Nation shares sliding in after-hours trading.
Live Nation merged with Ticketmaster in 2010. (Photo Illustration by Rafael Henrique/SOPA ... [+]
The antitrust lawsuit may be filed in the Southern District of New York on Thursday, and the DOJ could be joined by multiple states, Bloomberg reported, citing unnamed people familiar with the matter.
One of the remedies that might be sought by the Justice Department includes a breakup of Live Nation and Ticketmaster, which merged in 2010 after promising the combined company would not retaliate against concert venues not using Ticketmaster, according to Bloomberg.
Live Nation’s stock was down more than 7% in after-hours trading as of 7:13 ET.
The timing of the lawsuit could still shift, according to the Post.
Live Nation and the Justice Department did not immediately respond to Forbes’ request for comment.
57 million. That is how many concert tickets Live Nation sold in 2023, when it reported $22.7 billion in revenue for the year.
This is a developing story. Check back for updates.