Live Nation Shares Fall 7.8% On Report of Antitrust Suit
By Ben Glickman
Shares of Live Nation Entertainment fell in late trading Wednesday following a report that the Justice Department was planning to sue to break up the concert-promotion company.
The stock was down 7.8% to $93.50 in the extended session, after a 0.6% drop at the close. Shares are up about 8.3% this year.
Bloomberg reported that the Justice Department and multiple states were readying a suit related to Live Nation-owned Ticketmaster's control of concert-ticket sales, citing people familiar with the matter.
The suit is expected to be filed Thursday and will seek remedies including breaking up the company, the people said.
The Justice Department declined to comment to Bloomberg. Live Nation didn't immediately respond to requests for comment from Bloomberg.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
May 22, 2024 19:15 ET (23:15 GMT)
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