U.S. opened Live Nation probe before Taylor Swift ticket fiasco
BNN Bloomberg
The Justice Department is probing Live Nation Entertainment and its Ticketmaster unit over whether the entertainment giant is abusing its power over the live music industry, three people familiar with the investigation said.
The probe comes amid a debacle for the ticketing giant, which was forced to cancel public sales for Taylor Swift’s upcoming tour after its site crashed earlier in the week during massive presale demand.
Shares of Live Nation Entertainment fell as much as 9.5 per cent after the New York Times reported on the probe earlier Friday, and was down 7.3 per cent to US$66.49 as of 3:44 p.m. in New York.
The antitrust investigation began earlier this year, before the Swift ticketing fiasco. It was based on complaints by live event venues and ticketing companies, the people said, asking not to be named discussing a confidential probe.
