Updated 17:30 ET with comment from Coalition for Ticket Fairness.

A New York federal jury found Live Nation Entertainment (LYV) overcharged customers and illegally tied the use of its company-owned venues to its concert promotion services, leaving the ticket platform liable for at least $700M in penalties. The company could also be forced to sell its Ticketmaster subsidiary.

After a six-week trial that included “dozens of witnesses,” Live Nation Entertainment (LYV) was found guilty of monopolizing the market for ticket services, concert ticketing, venues, and promotions.

According to the lawsuit that was filed by a coalition of 33 states and Washington D.C., Live Nation (LYV) engaged in “anticompetitive conduct” by overcharging customers $1.72 per ticket, leaving artists with fewer touring options, and coercing venues to use Ticketmaster over its competitors.

The Department of Justice was not part of this lawsuit as the agency previously settled with Live Nation (LYV) in March after meeting with company executives. The settlement required Ticketmaster to divest up to 13 venues, reserve 50% of its tickets for non-exclusive venues, and cap ticketing service fees at 15%.

Live Nation (LYV) has denied any wrongdoing.

In a statement to Seeking Alpha, Dustin Brighton, Director of Government Relations for the Coalition for Ticket Fairness said, "This ruling is an important milestone, but it's not the end of the road. As the court considers remedies, the focus must be on restoring competition, increasing transparency, and ensuring fans have real choice."

While Live Nation Entertainment (LYV) shares closed more than 6% lower, rivals StubHub (STUB) and Vivid Seats (SEAT) closed 3.5% and 9.3% higher, respectively.

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