NY jury finds Live Nation illegally monopolized live event markets

April 15 (Reuters) – New York won its antitrust case against Ticketmaster and its parent Live Nation, as a jury on Wednesday found that the company illegally monopolized parts of the live-events industry, Attorney General Letitia James said.

Shares of the company were down 6.3% in afternoon trading following the verdict, first reported by Bloomberg News. Shares of competitors Vivid Seats and StubHub rose 9.3% and 3.5%, respectively.

The world’s largest live-event company will likely face further court hearings on what measures it must take to restore competition. Live Nation has faced ongoing criticism from fans and lawmakers over high ticket fees and ticket reselling practices.

The company already agreed to some measures in a settlement last month with the U.S. Department of Justice, but the verdict is a win for New York and a coalition of other states, including Virginia, that continued on in the case after the DOJ settlement.

“This is a landmark victory to protect New Yorkers from harmful monopolies,” James said in a post on social media site X.

Virginia Attorney General Jay Jones added in a tweet, “Today’s decision is a win for Virginia! We are pleased the jury saw Live Nation and Ticketmaster for what they are — an illegal monopoly. We look forward to the court deciding on an appropriate remedy for live music and entertainment consumers.”

A spokesperson for Live Nation did not immediately respond to a request for comment.

(Reporting by Juby Babu in Mexico City and Jody Godoy in New York; Editing by Maju Samuel and Franklin Paul)