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id: 797, Created by Stan Vick, Scout
Live Nation Entertainment, Inc. (LYV) Antitrust Case
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- Politico reported that DOJ could file an antitrust lawsuit against Live Nation over abusing its power over the live music industry.
- $LYV fell 7.8% and lost $1.75 billion of its market capitalization.
- Investors suspect Live Nation of failing to disclose that it engaged in anticompetitive conduct, including charging high fees.
On July 28, 2023, Politico reported that the DOJ “could file an antitrust lawsuit against Live Nation (LYV) by the end of the year, according to three people with knowledge of the matter.”
Politico further reported that the DOJ complaint is expected to allege that “the entertainment giant is abusing its power over the live music industry.”
On this news, $LYV fell 7.8% and lost $1.75 billion of its market capitalization.
- Earlier, on February 23, 2023, NPR reported that, following Congressional hearings, the Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights wrote to the DOJ, presenting evidence that “Live Nation is harming America’s music industry.” The letter cited issues with Live Nation’s pricing models and fees, increasingly long contracts with competitors, and retaliatory behavior against artists and venues that don’t want to work with it. The senators “encouraged” the DOJ to take action if it found Live Nation had “walled itself off from competitive pressure at the expense of the industry and fans.” On this news, $LYV fell 10.1%.
- On November 18, 2022, The New York Times reported that the DOJ had opened an antitrust investigation into Ticketmaster and Live Nation after the ticketing platform’s systems crashed during a highly-anticipated presale for Taylor Swift tickets. The ensuing chaos of disappointed “Swifties” highlighted Live Nation’s power over the live music industry, exacerbating complaints that the Company has “constrained competition and harmed consumers.” On this news, $LYV fell 7.8%, damaging investors.
Taking all facts into account, Investors have reasons to suspect Live Nation of misconduct and failing to disclose that it engaged in anticompetitive conduct, including charging high fees and extending contracts with talent, and retaliating against venues.
Failure to Disclose,
Shock Event Date
28 July 2023
06 August 2023
Lead Plaintiff Deadline
03 October 2023
Hon. R. Gary Klausner
12 September 2023
$LYV Case Update:
Live Nation and Ticketmaster have requested a California federal court to temporarily halt an order that declined to compel consumers into arbitration for their antitrust claims linked to the companies' 2010 merger, pending their appeal to the Ninth Circuit.