The Department of Justice is reportedly planning to file an antitrust lawsuit against Live Nation, the largest concert promoter and ticketing platform in the U.S.
The bombshell Wall Street Journal report based on information from unnamed sources claims the suit could be filed as soon as next month.
The outlet wasn't able to learn the exact details of the upcoming lawsuit. The DOJ declined Q's request for comment.
The firm merged with Ticketmaster in 2010 and now bills itself as the 'largest live entertainment company in the world.'
Live Nation's stock price has dropped by more than 7% since the Wall Street Journal story came out on the night of Tuesday, April 15.
The company has been accused of engaging in anticompetitive practices for well over a decade. The allegations began when Live Nation merged with Ticketmaster in 2010.
The conglomerate, which now calls itself the "largest live entertainment company in the world," has also been accused of charging exorbitant ticket fees and providing poor customer service.
In a blog post published last month, Live Nation's head of corporate affairs Dan Wall argued that the company is not a monopoly.
He noted that artists and their teams set prices, not Ticketmaster, and added that the company has to accommodate high and low demand for different events.
"Ticketmaster has more competition today than it has ever had, and the deal terms with venues show it has nothing close to monopoly power," a spokesperson for the company told the Wall Street Journal.
Live Nation executives have claimed that the company does not engage in anticompetitive practices.
But Jack Goetzinger, the CEO of Live Nation's rival SeatGeek, doesn't agree.
"There are three things that are clear to me and are clear to many others who work in our industry," he said during a U.S. Senate hearing about Live Nation's alleged monopoly last January.
"Number one, a lack of robust competition in our industry meaningfully stunts innovation and consumers are who suffer. Number two, venues fear losing Live Nation concerts if they don’t use Ticketmaster. And number three, the only way to restore competition in this industry is to break up Ticketmaster and Live Nation."
The conglomerate caught the attention of U.S. lawmakers in 2022 when technical issues left millions of Taylor Swift fans unable to buy tickets to her "Eras" tour. Live Nation was later sued by some of these fans.
Live Nation and Ticketmaster didn't immediately respond to Q's requests for comment.
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