U.S. sues to break up alleged Ticketmaster monopoly
The Justice Department is suing to break up Live Nation, accusing the parent company of Ticketmaster of antitrust violations.
TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Thursday, May 23.
Related: DOJ to sue Ticketmaster owner over alleged monopoly
Full Video Transcript Below:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Nvidia was the star on Wall Street Thursday after blockbuster quarterly results for the AI chip maker. But stocks struggled with all major indexes finishing in the red. Investors fear interest rates could stay higher for longer after a drop in jobless claims and an uptick in factory activity.
In other headlines: Live Nation is being sued by the DOJ and is accused of operating an illegal monopoly. In a press conference, U.S. Attorney General Merrick Garland said: “It is time to break up Live Nation.”
The Justice Department, along with 30 states, and the District of Columbia, filed the antitrust lawsuit against Live Nation, parent of Ticketmaster. The suit alleges the company uses exclusive market power to push through higher ticket prices and fees. “Live Nation relies on unlawful, anti-competitive conduct to exercise its monopolistic control over the live events industry in the United States,” Garland told the press.
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Live Nation pushed back in a statement, calling this a publicity stunt that “won’t solve the issues fans care about relating to ticket prices, service fees, and access to in-demand shows.”
Ticketmaster and Live Nation have been in the eye of the storm since a glitch last year prevented millions of fans from buying tickets for Taylor Swift’s Eras Tour. The company blamed that on bots.
Live Nation - through Ticketmaster - is believed to be responsible for up to 80 percent of all tickets sold for major concert venues in the U.S.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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