A Manhattan federal jury ruled Wednesday that Live Nation Entertainment and its Ticketmaster subsidiary operate an illegal monopoly over the U.S. concert business, finding the company liable on three counts after four days of deliberation and handing 34 state attorneys general a sweeping victory in a case the Trump administration had abandoned weeks earlier.

The verdict exposes the largest live-entertainment company in the world, with $25.2 billion in 2025 revenue, to a court-ordered breakup that could split Ticketmaster from Live Nation and force the divestiture of amphitheaters the company owns. Judge Arun Subramanian of the U.S. District Court for the Southern District of New York will now set damages, using the jury's finding that Ticketmaster overcharged buyers by $1.72 a ticket, and will decide structural remedies in a separate proceeding. Live Nation shares fell more than 6 percent after the verdict.

What the jury found

The jury found that Ticketmaster unlawfully maintains a monopoly in ticketing services at major concert venues, that Live Nation holds a monopoly over the large amphitheaters used by touring artists, and that the company unlawfully requires artists who use those amphitheaters to also hire its event-promotion arm. Jurors further concluded that fans were overcharged for tickets at major venues across the country.

The trial in New York ran about six weeks, with a week-long pause when the federal government abruptly settled its claims. States said Live Nation used implicit threats to pull concerts from venues that declined to sign with Ticketmaster, and that its network of outdoor amphitheaters was so extensive that a national tour could not skip it. Testimony included internal company messages from regional director Benjamin Baker calling some prices "outrageous" and boasting about "robbing them blind, baby." Baker testified that the messages were "very immature and unacceptable."

A case the states carried

The Justice Department filed the suit in May 2024 under former Attorney General Merrick Garland, joined by dozens of states. One week into trial last month, the Trump administration's antitrust division settled, requiring Live Nation to create a $280 million settlement fund, cap some amphitheater fees and offload exclusive booking at 13 amphitheaters — but stopping short of a breakup. Only six states joined the deal. The District of Columbia and 33 states pressed on.

New York Attorney General Letitia James, who led the coalition, called the outcome a "landmark victory." California Attorney General Rob Bonta said the result shows "just how far states can go to protect our residents from big corporations that are using their power to illegally raise prices and rip off Americans." Acting DOJ antitrust chief Omeed Assefi called the verdict "a fantastic outcome for the American people."

On the Street

Live Nation staged more than 55,000 concerts in 2024, drawing 159 million attendees, and booked in excess of $22 billion that year. Jeffrey Kessler, the states' lead trial attorney, told jurors the company controls 86 percent of the concert market and 73 percent of the combined live-events market when sports are included. Live Nation disputed the figures at trial, placing its share of ticketing closer to 44 percent.

John Kwoka, a Northwestern University professor and former Federal Trade Commission economist, said the outcome carries weight beyond music. "This shows that it is possible to conduct a focused trial that convinces a court of various anticompetitive acts," Kwoka said. Morgan Harper, a director at the American Economic Liberties Project, called the verdict "a historic victory for fans, artists, concert promoters and venue owners who have suffered for decades under the thumb of Ticketmaster's monopoly."

The counterparty

Live Nation said it will fight on. "The jury's verdict is not the last word on this matter," the company said, adding that pending motions will determine whether the liability and damages rulings stand. The firm said it will renew a motion for judgment as a matter of law covering "all liability theories" and has a separate motion to strike the expert testimony on which the damages award rests. Live Nation estimated the aggregate single-damages figure would fall below $150 million before trebling, because the $1.72-per-ticket finding applies only to about 20 percent of tickets sold at 257 venues to fans in certain states over the past five years.

At trial, company lawyer David Marriott told jurors Live Nation's scale reflected performance, not predation. "Success is not against the antitrust laws in the United States," Marriott said. The firm said it remains "confident that the ultimate outcome of the States’s case will not be materially different than what is envisioned by the DOJ settlement."

What comes next

Judge Subramanian will hold a separate remedies phase to determine injunctive relief and to fix damages from the per-ticket finding, which the Associated Press estimated could reach hundreds of millions of dollars across 22 states. A divestiture order would be the most significant antitrust structural remedy in the entertainment industry since the 1948 Paramount consent decrees. Live Nation has said it plans to appeal any unfavorable rulings, a process likely to push a final resolution well into 2027.