LYV - Senators urge DOJ to give antitrust look to Live Nation

Live Nation (NYSE:LYV) is among the minority of top stocks trading to the downside Wednesday, -1.3%, following news that two antitrust-focused senators are pushing the Justice Dept. to investigate the company. Democratic Sens. Richard Blumenthal and Amy Klobuchar are urging the DOJ to look into potential anticompetitive action from Live Nation - particularly into compliance with an agreement that permitted Live Nation to merge with Ticketmaster in 2010. Live Nation had previously violated that agreement, and an updated consent decree had the company agreeing not to retaliate against venues that tapped other ticket services. "As live events continue to open up, American consumers are confronting skyrocketing ticket prices, opaque terms, and exorbitant fees," though live entertainment and particularly ticket markets are dominated by one corporation, the senators say in a letter. They also highlight an "aggressive" acquisition strategy including purchasing competitive service Rival.

For further details see:

Senators urge DOJ to give antitrust look to Live Nation