The U.S. Department of Justice (DOJ) has filed a lawsuit against Live Nation Entertainment, the parent company of Ticketmaster, accusing it of anticompetitive practices and seeking to undo the 2010 merger between the two companies. Filed on Thursday, the DOJ's lawsuit alleges that Live Nation has created an illegal monopoly in the ticketing and concert promotion industry, controlling 70% of U.S. ticket sales. The suit is based on a wealth of internal communications, including emails, that provide a rare glimpse into the company's operations. Attorney General Merrick Garland stated that the goal is to foster more competition in the market, which could potentially lead to lower ticket prices. However, experts warn that significant changes may not happen immediately. The lawsuit has already impacted Live Nation's stock, with Northcoast downgrading it to neutral from buy. The case has significant implications for the sports industry, which accounts for over 60% of Ticketmaster's volume.
Great primer on Live Nation $LYV by @patient_capital https://t.co/xuV6U4DdVr
"Will the Justice Department’s lawsuit against Ticketmaster and Live Nation give concertgoers, sports fan and theater patrons some relief from surging ticket prices" Professor Eleanor Fox ’61 discusses with @NewsHour: https://t.co/MQB1O30gN9
DOJ vs. Live Nation: What Happens Now? Legal experts say what’s at stake with the DOJ’s lawsuit against Live Nation and what it could mean for concertgoers. More: https://t.co/7X3uCjcOgA https://t.co/6u8A21WpSG
Live Nation and Ticketmaster were hit with a consumer antitrust proposed class action accusing them of monopolizing concert promotion and ticketing for major concert venues following their 2010 merger, which comes on the heels of the DOJ's own lawsuit. https://t.co/yW9RuspPxp https://t.co/OIv6xLbgve
“We’re excited for more competition,” says @SeatGeek CEO on the DOJ lawsuit against $LYV. “I’m a believer in free markets – I believe more people competing could build better stuff, and means better outcomes for fans, artists, teams – really everyone in the ecosystem.” https://t.co/bABwIFI2po
Did anyone get through Amex presale for the US Open? Confirming availability/pinwheel of death for nearly an hour. Ticketmaster is and remains the absolute worst.
Did anyone get through Amex presale for the US Open? Confirming available/pinwheel of death for nearly an hour. Ticketmaster is and remains the absolute worst.
Opinion: @JonesDay’s Craig Waldman analyzes the DOJ Ticketmaster suit and considers pitfalls for winning the case and serving music fans. https://t.co/fFypQ6mx9f
Ticketmaster truly sucks
$LYV Northcoast downgrades Live Nation to neutral from buy Northcoast downgraded the stock after the Department of Justice announced it was suing the company last week. “However, we are of the view that shares of Live Nation are no longer likely to trade off fundamentals,…
To answer one of your questions @andrewrsorkin, $LYV ticketing business has far higher margins(30%) than its actual concert business(3%, if you include all “Sponsorship” revenues/profits in “Concerts”). On a reported basis, $LYV actually claims it loses money in “Concerts”. https://t.co/Gq16jUXwbj
The battle for market share is good for inflation-weary consumers as companies compete more aggressively for their business, @jonathanjlevin says https://t.co/YOg8vq0dnK
The DOJ is suing Ticketmaster and Live Nation. What does that mean for concertgoers? https://t.co/mH10nJ0OO5
Ticketmaster controls 70% of U.S. ticket sales. Attorney General Merrick Garland said the aim is to allow more competition, which might lead to cheaper tickets. https://t.co/lBwvAGZMsU
Attorney General Merrick Garland said the aim is to allow more competition and to let smaller players gain more of the U.S. ticket-selling market. More competition could lead to cheaper tickets. But experts say people shouldn’t expect changes soon. https://t.co/9v0fF9TrYm
The Department of Justice's lawsuit against Live Nation is a dense and detailed document filled with claims about how the company has allegedly amassed and wielded its power over the years. Here are the five biggest takeaways from the monumental suit. https://t.co/EeRubg4V7A
A look at some of the emails that the Justice Department drew on in its lawsuit accusing Live Nation Entertainment, which owns Ticketmaster, of violating antitrust laws. https://t.co/hPcU2iJuG7
The Justice Department is widening its antitrust crackdown as it goes after Live Nation, filing a lawsuit Thursday that seeks a breakup of the entertainment giant. https://t.co/GfLo1o5Dyl
The U.S. DOJ is suing to break up Ticketmaster and Live Nation for alleged anticompetitive practices. A break-up of the ticket giants could have a huge impact on sports—which account for over 60% of Ticketmaster's volume. Story ⬇️
What the major Ticketmaster lawsuit means for you https://t.co/x8jQmhj22a
In its lawsuit accusing Live Nation Entertainment, the concert behemoth that owns Ticketmaster, of being an illegal monopoly, the Justice Department drew on a raft of internal communications that offered a rare behind-the-scenes look at the industry. https://t.co/IPIn34pMku
Part of the lawsuit includes asking a judge to undo the 2010 merger of Live Nation and Ticketmaster. https://t.co/NN89De7zI3