Live Nation probe

The Robert F. Kennedy Building, which serves as the DOJ headquarters. Photo Credit: ajay_suresh

Live Nation is reportedly grappling with yet another wave of Justice Department scrutiny. Now, a reported criminal antitrust probe is zeroing in on alleged refund-related ticketing collusion during the early days of the pandemic.

This possible probe just recently entered the media spotlight and was confirmed by Live Nation. At the time of writing, however, the DOJ itself didn’t appear to have publicly commented on the matter. Consequently, we don’t have an abundance of information with which to work.

But as described by Bloomberg, the ongoing investigation revolves around whether the Ticketmaster parent and AEG Presents in early 2020 “illegally colluded on refund policies for canceled concerts and dealt with artists to limit losses.”

Per the same outlet – which, potentially setting the tone for subsequent reports, opted to prioritize the probe’s significance for Live Nation as opposed to AEG – prosecutors have considered levying charges against Live Nation and CEO Michael Rapino.

Of course, charges aren’t necessarily forthcoming; on the other hand, that the DOJ is turning back the clock half a decade isn’t exactly a good sign for the targeted companies. Though we’ll have to see what the future holds here, Live Nation EVP of corporate and regulatory affairs Dan Wall attempted to get in front of the subject with a prompt statement.

(DMN reached out to AEG Presents for comment but didn’t immediately receive a response.)

“‘While Live Nation contributed to this industry effort in good faith,’” Wall reportedly communicated in part, “‘we set our own unique policies and refund terms to support fans and artists. We did not collude with AEG or anyone else. We are proud of our leadership during those trying times, and if any charges result from this investigation, we will defend them vigorously.’”

Closer to the present, it’s safe to say that the administration change, contrary to the prevailing sentiment beforehand, hasn’t brought any regulatory relief whatsoever for Live Nation.

Most tellingly, the Justice Department antitrust suit seeking to separate the promoter from Ticketmaster is still in full swing. Then there’s a different DOJ and FTC inquiry, initiated earlier in May in response to a late-March executive order, centering on “unfair and anticompetitive” live/ticketing practices.

For the latter, companies, members of the public, and others can submit comments until July 7th. Apparently, one has the option of weighing in anonymously; the appropriate docket displayed 68 remarks, many far from positive and pertaining to Live Nation despite the inquiry’s more general scope, at the time of writing.

Especially important in light of these details is the Senate’s fresh bipartisan focus on the Live Nation/Ticketmaster agreement with Fanatics.

With all that said, the market doesn’t seem too concerned; Live Nation stock (NYSE: LYV) rose 1.6% during today’s trading to $147.68 per share. The price represents a 14% increase since 2025’s start and a 53% spike from mid-May 2024.