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A federal jury in New York delivered a major blow to Live Nation Entertainment on Wednesday, finding the concert giant and its Ticketmaster subsidiary liable for monopolistic practices in the ticketing industry.
The verdict stems from a sweeping multistate lawsuit that accused the company of using its dominance in concert promotion and ticketing to stifle competition, inflate prices and limit consumer choice, according to the complaint.
Live Nation shares dropped about 6% in afternoon trading after the verdict, while competitors surged. Vivid Seats jumped more than 9%, and StubHub climbed roughly 3.5%.
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Pennsylvania Attorney General Dave Sunday called the ruling a “huge win for consumers,” arguing the company maintained a “stranglehold” on the multibillion-dollar live entertainment sector.
“I am proud that our office has been part of a bipartisan coalition that continued this case under extraordinary circumstances and took it to a jury,” Sunday said in a statement.
New York Attorney General Letitia James also hailed the outcome as a “landmark victory.”
“We just won our trial against Live Nation Concerts and Ticketmaster,” James wrote on X. “A jury ruled in our favor and is holding the companies responsible for their illegal monopoly that cost consumers millions of dollars.”
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The lawsuit, joined by dozens of states, alleged Live Nation engaged in anti-competitive tactics, including locking venues into long-term exclusive agreements and leveraging control over major tours and artists to pressure venues.
Jurors concluded the company’s conduct led fans to overpay by about $1.72 per ticket, according to Bloomberg News.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LYV | LIVE NATION ENTERTAINMENT INC. | 155.82 | -10.46 | -6.29% |
| SEAT | VIVID SEATS INC | 7.42 | +0.63 | +9.28% |
| STUB | STUBHUB HOLDINGS INC | 7.14 | +0.24 | +3.48% |
A judge will determine penalties and potential remedies in future proceedings.
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Live Nation, which recently reached a settlement with the Department of Justice, is expected to appeal the verdict, Bloomberg News reported.
“We’re obviously disappointed,” Dan Wall, a lawyer for Live Nation, said in a statement. “The game is not over by any means.”
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Live Nation did not immediately respond to FOX Business’ request for comment.
Reuters contributed to this report.
