US Department of Justice (DOJ) officials filed an antitrust lawsuit against concert promoter and ticket seller Live Nation (LYV) on Thursday, making the case that Live Nation created a monopoly through its ownership of Ticketmaster that ultimately resulted in inflated ticket prices. Live Nation has refuted these claims in a statement, saying Ticketmaster’s service fees are no higher — if not lower — than on competing ticketing websites.
Citi Managing Director Jason Bazinet focuses on the DOJ’s antitrust crackdown in recent years and whether a breakup outcome would ultimately affect concert and event ticket prices.
"This administration is trying to go back to structuralism, that’s what’s underpinning a lot of the antitrust actions that they’re pursuing," Bazinet outlines. "And so that that’s difficult, I think, for the judges to understand because they now have 40-plus years of case law that says this is really all about price. And that’s why you see Live Nation in their response, focusing on price."
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