The U.S. Department of Justice and a coalition of states are turning up the heat on Live Nation Entertainment (NYSE:LYV), planning to sue and possibly break up the concert giant, Bloomberg News revealed on Wednesday. This lawsuit is the latest salvo in an antitrust offensive against Ticketmaster’s ticket-selling empire.
The Justice Department has been eyeing Ticketmaster’s near-monopoly on concert tickets, sources previously whispered to Reuters. Fans and lawmakers have long been itching to revisit the 2010 Live Nation-Ticketmaster merger, especially after the disastrous ticket sales for Taylor Swift’s tour.
Bloomberg reports that the legal fireworks are expected to ignite in the Southern District of New York on Thursday.
This legal showdown highlights President Joe Biden’s antitrust enforcers’ determination to stir up competition across various sectors, from Big Tech to healthcare to groceries. It also shows the formidable power and fury of concert-goers and Swifties, Swift’s devoted fanbase.
Live Nation landed in hot water in 2022 after Ticketmaster bungled the ticket sales for Swift’s 2023 tour, leaving fans in digital limbo for up to eight hours and canceling some sales altogether.