Live Nation shares closed down 7.3% on Dec. 13 following news of a pending Department of Justice legal action
over allegations the company has unfairly used its concert promotion business to pressure venues to use Ticketmaster, a wholly owned subsidiary of Live Nation. Shares closed at $64.34, down $5.09 on the day. The news was first reported by theNumerous tremors preceded the DOJ’s decision to charge Live Nation, the world’s largest concert promoter, for allegedly using its concert promotion business to pressure concert venues to be customers of its Ticketmaster division.
As the DOJ goes, so go stock prices. Delrahim’s statement in August sent Live Nation’s otherwise rising share price down 5.8% -- though it had fully recovered by Oct. 7. And even with the Dec. 13 decline, Live Nation shares have increased 30.6% this year.
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Live Nation faces Justice Department action over ticketing practicesThe Justice Department is preparing legal action against Live Nation for allegedly violating the 2010 agreement it made to merge with Ticketmaster.
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Ticketmaster owner Live Nation falls on report of planned DOJ action for alleged merger agreement violationThe DOJ believes the company's actions violate its 2010 merger agreement when it acquired Ticketmaster, sources told the Journal.
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Report: Live Nation Facing Legal Action For Allegedly Violating Merger AgreementThe Department of Justice (DOJ) plans legal action against ticketing provider Live Nation for allegedly forcing venues to use subsidiary Ticketmaster, according to report by lisettevoytko
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WSJ News Exclusive | Justice Department Preparing Legal Action Against Live Nation for Ticketing TacticsThe Justice Department is preparing to take legal action against Live Nation Entertainment on allegations the company has sought to strong-arm concert venues into using its dominant Ticketmaster subsidiary.
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