The corporate giant currently building the next significant development project in the Lower Hill has lost an historic antitrust trial in a New York courtroom.
Beverly Hills-based Live Nation Entertainment Inc. (NYSE: LYV), which is close to completing its new 4,000-capacity Citizens Live at the Wylie performance venue in the Lower Hill at a price tag of $64 million, was ruled by a jury in the United States court for the Southern District of New York to have violated antitrust laws.
Live Nation, known mostly for operating live performance venues, and Ticketmaster, its ticket service subsidiary, were found liable by a jury for overcharging consumers by controlling all aspects of the concert business, including ticketing, concert venue and promotion, determining that Ticketmaster overcharged its customers by $1.72 per ticket at its venues in 22 states.
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