DOJ to seek breakup of Live Nation-Ticketmaster, shares slide
) sank in after hours trade on Wednesday on reports that the Department of Justice was planning to sue the firm over antitrust violations by Ticketmaster and to seek its separation from the firm.
Live Nation shares sank as much as 9.3% to $92 after the report, although they recovered some ground. Live Nation- the biggest concert operator in the U.S.- merged with Ticket Master in 2010. The deal was approved by authorities on the grounds that Live Nation would not discriminate against concert venues that opted out of Ticketmaster.
This came to a boil in 2022 after Ticketmaster’s mishandling of"astronomical" demand for pop sensation Taylor Swift's"Eras" tour. Several fans of the performer had sued the company and Live Nation over allegations of deceptive practices, fraud and price fixing after the event.Scan QR code to install app
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