The DOJ wants to break up alleged Live Nation/Ticketmaster monopoly

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why the U.S. is suing to break up the alleged Live Nation/Ticketmaster monopoly.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04NVIDIA was the star on Wall Street Thursday after blockbuster quarterly results for the

00:09AI chipmaker, but stocks struggled with all major indexes finishing in the red.

00:15Investors fear interest rates could stay higher for longer after a drop in jobless claims

00:19and an uptick in factory activity.

00:22In other news, Live Nation is being sued by the DOJ and is accused of operating an illegal

00:28monopoly.

00:29In a press conference, U.S. Attorney General Merrick Garland said, quote, it is time to

00:34break up Live Nation.

00:36The Justice Department, along with 30 states and the District of Columbia, filed the antitrust

00:40lawsuit against Live Nation, parent of Ticketmaster.

00:44The suit alleges the company uses exclusive market power to push through higher ticket

00:49prices and fees.

00:50Quote, Live Nation relies on unlawful, anti-competitive conduct to exercise its monopolistic control

00:57over the live events industry in the United States, Garland told the press.

01:02Live Nation pushed back in a statement, calling this a publicity stunt that, quote, won't

01:07solve the issues fans care about relating to ticket prices, service fees and access

01:12to in-demand shows.

01:14Ticketmaster and Live Nation have been in the eye of the storm since a glitch last year

01:19prevented millions of fans from buying tickets for Taylor Swift's Eros tour.

01:23The company blamed that on bots.

01:26Live Nation, through Ticketmaster, is believed to be responsible for up to 80 percent of

01:31all tickets sold for major concert venues in the U.S.

01:35And that'll do it for your daily briefing from the New York Stock Exchange.

01:38I'm Conway Gittins with the Street.

Category

Transcript

Recommended