LYV - Why Shares of Live Nation Entertainment Were Up Today
Shares of Ticketmaster parent Live Nation Entertainment (NYSE: LYV) closed up 9% on Thursday after the company reached an agreement in principle with the Justice Department over its ticketing practices. The ongoing investigation was hanging over the stock, and investors were relieved to see the company putting it in the rearview mirror.
Live Nation and Ticketmaster merged in 2010, and the companies at the time agreed to follow court-imposed conditions designed to preserve and promote ticket competition. The DOJ had reportedly been investigating the company for allegedly pressuring concert venues to do business with Ticketmaster, but Assistant Attorney General Makan Delrahim said in a statement on Thursday that the government believes the revised agreement announced Thursday will prevent any future damages.
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