11:39 AM EDT, 05/23/2024 (MT Newswires) -- (Updates with additional details throughout, MT Newswires' attempt to reach Live Nation for comment in fifth paragraph, updates stock move in the last paragraph.)

The US Justice Department and 30 state and district attorneys general sued Ticketmaster-parent Live Nation (LYV) Thursday, saying the company should be broken up because it has a monopoly in ticketing and concert promotion.

"We allege that Live Nation relies on unlawful, anticompetitive conduct to exercise its monopolistic control over the live events industry in the [US] at the cost of fans, artists, smaller promoters, and venue operators," said Attorney General Merrick Garland.

"The result is that fans pay more in fees, artists have fewer opportunities to play concerts, smaller promoters get squeezed out, and venues have fewer real choices for ticketing services. It is time to break up Live Nation-Ticketmaster," Garland said.

The civil antitrust lawsuit was filed in the US District Court for the Southern District of New York.

Live Nation didn't immediately respond to a request for comment by MT Newswires.

Live Nation shares fell past 6% in recent trading.

Price: 94.96, Change: -6.44, Percent Change: -6.35