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Live Nation Entertainment stock (NYSE:LYV) slipped 7% postmarket Wednesday on reports that the Justice Dept. plans to announce an antitrust lawsuit against the company as soon as Thursday.
The DOJ and a group of states will pursue the suit in the Southern District of New York, and they could aim for remedies including splitting up the company, according to multiple media reports.
Such an action would be the latest in a ramp-up of pressure from the Biden administration on anticompetitive behavior.
The company — parent to dominant ticket sales and distribution firm Ticketmaster — was reported to have met with Justice Dept. senior leadership earlier this month to persuade the department not to file suit.
“We’re looking forward to our upcoming meetings with the division leadership and remain hopeful that we can amicably resolve any remaining disputes,” Live Nation CFO Joe Berchtold said on the company’s Q1 earnings call earlier this month. “But if not, we’re prepared to defend ourselves in court.”
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