New York CNN —The US Department of Justice is preparing to sue the country’s largest concert promoter and ticketing website Live Nation in the coming weeks for breaking America’s antitrust laws, the Wall Street Journal reported, citing anonymous sources familiar with the Justice Department’s plans.
The lawsuit against Live Nation Entertainment, the parent company of Ticketmaster, will allege the ticketing company used its market-leading position to harm competition for live events, the Journal reported.
Shares of Live Nation (LYV) dropped nearly 7% in premarket trading Tuesday.
Live Nation and the Justice Department didn’t respond to CNN’s request for comment about the Journal’s report.
Live Nation and Ticketmaster merged in 2010, now billing itself as the “largest live entertainment company in the world.”
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