Live Nation Entertainment (NYSE:LYV) is reportedly approaching a settlement with U.S. regulators in a federal antitrust lawsuit that could allow the company to keep its Ticketmaster division, according to a Bloomberg News report on Monday citing people familiar with the matter.
The U.S. Department of Justice and more than two dozen states filed the lawsuit in May 2024 seeking to break up Live Nation, arguing that the company had illegally driven up concert ticket prices and harmed artists. The suit specifically called for the divestiture of Ticketmaster.
Public scrutiny of Live Nation’s 2010 acquisition of Ticketmaster intensified after issues surrounding ticket sales for Taylor Swift’s 2022 Eras tour, where fans faced steep prices and long online queues while trying to secure tickets.
The case went to trial last week after a judge in February rejected Live Nation’s motion to dismiss the lawsuit.
According to Bloomberg, several state attorneys general have indicated they may participate in the settlement, and a final agreement could be announced within days.
If finalized, the settlement would reportedly require Ticketmaster to ease certain exclusivity provisions in its ticketing agreements with concert venues. The company could also make concessions related to the operation of its amphitheaters, which the lawsuit alleges it has monopolized.
Live Nation has previously dismissed the allegations as unfounded, arguing that the outcome of the case would not lead to lower ticket prices for fans.
Live Nation, Ticketmaster and the Department of Justice did not immediately respond to Reuters requests for comment.