US to pursue legal action to break up Live Nation

The US Department of Justice is gearing up to take on Live Nation Entertainment in a groundbreaking lawsuit that could potentially lead to the breakup of the entertainment giant. The lawsuit, set to be filed as early as Thursday, alleges that Ticketmaster’s dominance in ticketing violates antitrust laws, according to a source familiar with the matter.

Live Nation Entertainment, formed by the merger of Live Nation and Ticketmaster in 2010, has been at odds with the DoJ for years. The company has faced criticism from fans, lawmakers, artists, and competitors who claim it wields too much power in the live entertainment industry. With concert ticket prices soaring to nearly $131 in 2023, up 23% from the previous year, the issue has gained more attention in recent years.

The DoJ previously approved the merger of Ticketmaster and Live Nation in 2010 with certain conditions, but in 2019, it accused the company of repeatedly violating the terms of the agreement. The lawsuit, if filed, would be the latest in the DoJ’s efforts to crack down on anti-competitive practices in corporate America.

Live Nation Entertainment’s chief financial officer, Joe Berchtold, has expressed skepticism about the potential breakup, stating that the investigation seems to focus on specific business practices rather than the legality of the merger itself.

The news of the impending lawsuit has sent shockwaves through the entertainment industry, with stakeholders eagerly awaiting the outcome of this high-stakes legal battle. Stay tuned for more updates as this story unfolds.