By Jody Godoy
April 15 (Reuters) – Ticketmaster and its parent company Live Nation illegally monopolized U.S. live event markets, a New York jury found on Wednesday, after a trial on the company’s tactics in dealing with venues and artists.
Shares of the company closed down 6.3% following the verdict, first reported by Bloomberg News. Shares of competitors Vivid Seats and StubHub rose 9.3% and 3.5%, respectively.
Texas Attorney General Ken Paxton, who pursued the case along with New York and dozens of other states, said on Wednesday that he would continue to seek restitution and a breakup of Live Nation’s monopolies in ticketing and other live entertainment markets. It was not immediately clear if the states would seek to force a sale of Ticketmaster.
A spokesperson for Live Nation did not immediately respond to a request for comment.
A judge will determine any penalties or remedial measures after future court proceedings.
Live Nation has faced 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 that failed to impress some companies and groups in the entertainment industry. New York and 32 other states along with Washington, D.C., continued to try their claims after the settlement.
“This is a landmark victory to protect New Yorkers from harmful monopolies,” New York Attorney General Letitia James said in a post on social media site X.
(Reporting by Juby Babu in Mexico City and Jody Godoy in New York; Editing by Maju Samuel and Lisa Shumaker)
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