Live Nation stock falls as jury finds ticketing giant acted as an illegal monopoly. Here's what happens next.

By Bill Peters

Advocacy groups praise the jury's decision and call for a breakup of the Ticketmaster parent

Live Nation is estimated to control at least 80% of the ticketing for big concert venues.

Shares of Live Nation sank on Wednesday after a jury found that the Ticketmaster parent had acted as an illegal monopoly over the ticketing industry, a move cheered by some smaller concert venues but one that leaves the company's fate unclear as it prepares to fight the decision.

Shares of Live Nation lost 1.5% after hours, after finishing 6.3% lower during the regular session.

The finding from the jury, in a federal court in Manhattan, came after a weeks-long trial pursued by 34 states. Still, any changes to Live Nation's business - be it a breakup or other divestments - will be decided separately.

"The impact won't be understood until the proceeding to determine the consequences of the verdict is concluded," Serona Elton, a professor at the Frost School of Music at the University of Miami, told MarketWatch.

The jury found that fans overpaid the company by $1.72 per concert ticket, and the states are seeking $700 million in damages. Fans have long complained about Ticketmaster's fees, and have worried about its ability to charge more for concerts as they struggle with higher costs of living.

However, TD Cowen analysts said Live Nation would almost certainly appeal.

"The range of outcomes is wide but we tend to think a breakup remains unlikely," they said.

Live Nation, in a statement, disputed the ruling. The company added that it expects the states to propose a remedy in the weeks ahead, after which the court will determine the extent of any compensation.

"The jury's verdict is not the last word on this matter," it said. "Pending motions will determine whether the liability and damages rulings stand."

Live Nation in March reached a settlement agreement with the Justice Department, which initially sued to break up the company in 2024 under the Biden administration. Live Nation and Ticketmaster merged in 2010.

However, some said last month's deal - which created a $280 million settlement fund for states, kept Live Nation together and gave venues and promoters more flexibility in ticket sales - went easy on a company estimated to control at least 80% of the ticketing for big concert venues. Many state attorneys general said they would continue to pursue the case.

The states had argued that Live Nation had run afoul of antitrust laws, with one attorney saying that the company "kept digging the moat around the monopoly castle in order to protect their market position," according to the Associated Press. Court documents showed two Live Nation ticketing directors bragging about how much the company could charge fans, according to Bloomberg. Live Nation argued that it still faces substantive competition.

Live Nation's stock is still up 24% over the past 12 months. Those gains have been helped by strong concert demand, bigger venues and bigger tours. In February, Live Nation said ticket sales through the early part of the year were up by a double-digit percentage.

Advocacy groups cheered the jury's decision on Wednesday, and called for Live Nation to be broken up.

"The consequences should be swift and disruptive to their vertically-integrated market power," the National Independent Venue Association, which advocates on behalf of thousands of independent concert venues, said in a statement. "Live Nation and Ticketmaster must be broken up now."

United Musicians and Allied Workers also welcomed the jury's decision.

"For too long, this monopoly has driven up ticket prices for fans, suppressed wages for artists, and destroyed local arts communities," it said in a post on X.

-Bill Peters

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(END) Dow Jones Newswires

04-15-26 2012ET