Live Nation, the parent company of Ticketmaster, has reached a deal with the Department of Justice to settle charges that the entertainment company's dominance in the event ticket business undermined competition and hurt consumers.

Under the settlement, Live Nation agreed to pay $280 million in civil penalties to 40 states that sued the company over its practices and to sell some of its amphitheaters. Ticketmaster must also open technology to allow other ticket sellers to use its platform to reach customers, multiple sources told CBS News.

Live Nation did not immediately respond to a request for comment. The company, which has long clashed with music artists and consumers over ticket sales, has argued that performers set prices and dictate how tickets are sold.

More details on the settlement are expected to be announced on Monday. The decision comes less than a week after Live Nation's antitrust trial kicked off in a New York courtroom.

"This case is about power, the power of a monopolist to control competition," David Dahlquist, a Justice Department lawyer, said during opening statements on March 3, according to the Associated Press.

Federal prosecutors, along with dozens of states, sued Live Nation and Ticketmaster in 2024 after alleging the company was violating antitrust laws.

As part of the suit, the Justice Department said Live Nation illegally thwarted competition in ticketing and concert promotion, leading music fans to pay higher prices for tickets and limiting venues' options in choosing a ticketing service.

Ticketmaster was founded in 1976 in Phoenix, Arizona. In 2010, Beverly Hills, California-based Live Nation acquired the ticketing platform and formed Live Nation Entertainment.

Source