Directly after news broke of the Department of Justice‘s plans to take legal action against Live Nation, the company’s stock dropped significantly.
On December, 13, Live Nation shares closed at $64.34, down 7.3% or $5.09. At the time of this writing they’re down to $63.56.
Even so, Live Nation shares have increased approximately 30.6% this year.
Live Nation, allegedly, has unfairly pressured venues to sell through Ticketmaster, its fully owned subsidiary company. Assistant Attorney General Makan Delrahim, the Justice Department’s antitrust chief, confirmed during a Senate hearing that the department was investigating these claims.
However, Live Nation Chief Executive Michael Rapino stood by the company’s practices — “We have no fear that we have any systematic issues. We’re very compliant.”
Source: Billboard
