TThe U.S. Department of Justice and a group of states will sue Live Nation Entertainment Inc. for antitrust violations related to Ticketmaster’s unparalleled control over concert ticket sales, according to people familiar with the case.
The lawsuit is expected to be filed in the Southern District of New York on Thursday, said the people, who requested anonymity. The dispute will seek resolutions, including breaking up Live Nation, said the people, who asked not to be identified discussing confidential information.
Live Nation shares fell 10% in late trading following Bloomberg’s report on the Justice Department’s planned lawsuit.
The Justice Department declined to comment. Live Nation did not immediately respond to requests for comment.
The move is the latest antitrust lawsuit brought by the Biden administration, which has made competition a key component of its economic policy, bringing cases against companies including Alphabet Inc.’s Google and Amazon.com Inc.
Live Nation, the largest U.S. concert promoter, merged with ticketing giant Ticketmaster in 2010. President Barack Obama’s Justice Department reviewed the transaction and allowed it to move forward as part of a deal in which the company promised it would not retaliate against concert venues that chose not to use Ticketmaster.
The department, under President Donald Trump’s administration, found that Live Nation repeatedly violated that promise and entered into a modified agreement with the company in 2019 to mandate an outside monitor to investigate new allegations.
Joe Biden’s administration opened a new investigation into the company in 2022 amid ongoing concerns that Live Nation did not meet the terms of the agreement. The case sparked widespread public interest after Ticketmaster blew huge demand for Taylor Swift tickets later that year.
Biden’s Justice Department has already filed dual monopolization cases against Google and in March sued Apple Inc. for allegedly impeding innovation on its iPhone. The Federal Trade Commission, which jointly enforces antitrust laws, is trying to force Meta Platforms Inc. to sell its Instagram and WhatsApp units and sued Amazon last year for monopolizing online marketplace services.
This story originally appeared on Time.com read the full story
