State Attorneys General Get Two Big Wins: Two Court Decisions Highlight States’ Role as Key Antitrust Enforcers

In the span of a single week, state Attorneys General (“AGs”) secured two significant victories that underscore their important role as enforcers of federal antitrust law. On April 15, 2026, a federal jury in Manhattan found Live Nation and its subsidiary Ticketmaster liable for unlawfully monopolizing the live entertainment industry, after a coalition of states and the District of Columbia carried the case to verdict following the Department of Justice’s (“DOJ”) mid-trial settlement and withdrawal. Two days later, on April 17, 2026, a federal court in California granted a preliminary injunction sought by a coalition of state AGs and DirecTV to freeze Nexstar Media Group, Inc.’s (“Nexstar”) integration of TEGNA Inc. (“Tegna”) — a transaction that federal authorities had cleared to close. Together, these cases reflect a notable shift in the antitrust enforcement landscape: companies can no longer assume that federal inaction or resolution signals the end of their antitrust exposure. State AGs have demonstrated both the willingness and capacity to carry major enforcement actions forward independently, and companies should factor that into how they assess and manage antitrust risk.

The Live Nation/Ticketmaster Verdict

In 2024, the DOJ and a coalition of state AGs filed a complaint in the Southern District of New York against Live Nation and Ticketmaster. The complaint alleged violations of Sections 1 and 2 of the Sherman Act, as well as various state antitrust statutes, arising from the defendants’ alleged conduct of acquiring rival promoters and venues, tying artists’ access to its amphitheaters to the use of its promotional services, threatening potential competitors and their investors, and imposing exclusionary contract terms on venues to foreclose competition. The trial, which spanned over a month, took an unusual turn when — just one week after the trial had commenced — the DOJ signaled its intention to withdraw from the litigation. The DOJ subsequently withdrew pursuant to a settlement agreement with the defendants, under which Live Nation and Ticketmaster agreed to pay participating states $280 million in total damages, divest exclusive booking agreements with certain amphitheaters, and cap ticketing service fees at 15 percent, among other relief.

A majority of the state AGs that had joined the litigation, including those of New York and California, rejected the settlement and elected to carry the case to a jury verdict. After four days of deliberations, the jury found that Live Nation and Ticketmaster had “harmed competition in the live entertainment sector by willfully monopolizing ticketing services to major concert venues and unlawfully tying artists’ use of large amphitheaters to Live Nation’s promotional services . . . .” The jurors also concluded that Live Nation overcharged consumers in certain jurisdictions by $1.72 per ticket.

The verdict followed weeks of live testimony, including from Live Nation CEO Michael Rapino and a manager representing the recording artist Drake. The state AGs also introduced internal communications that reflected unfavorably on the defendants’ attitude toward consumers. At least one juror commented following the verdict that Live Nation employees had sent messages that “were not very professional,” including communications on the workplace messaging platform Slack in which employees characterized fans as “so stupid” and stated that Live Nation was “robbing them blind.” The juror’s comments serve as a useful reminder of the evidentiary weight that internal communications can carry with jurors and the litigation risks posed by unprofessional communications sent over informal messaging platforms.

Live Nation has indicated that the verdict “is not the last word on this matter” and has stated its intention to appeal any adverse rulings once its post-trial motions are decided. Judge Arun Subramanian will subsequently preside over a remedies proceeding to determine what, if any, additional relief should be imposed, potentially including a structural breakup of Live Nation and Ticketmaster.

The Nexstar/Tegna Preliminary Injunction

In 2025, Nexstar, the nation’s largest television broadcasting company, announced a proposed $6.2 billion acquisition of Tegna, the country’s fourth-largest broadcasting group. The DOJ and the Federal Communications Commission cleared the transaction in March 2026, and Nexstar closed the deal on March 19, 2026. The combined entity owns approximately 265 local TV stations across 44 states and the District of Columbia, reaching roughly 80 percent of American households.

On March 18, 2026, a coalition of eight state AGs — representing California, New York, Colorado, Connecticut, Illinois, North Carolina, Oregon, and Virginia — filed suit in the U.S. District Court for the Eastern District of California seeking to enjoin the acquisition. The complaint alleged that the transaction would violate Section 7 of the Clayton Act by substantially lessening competition in local television broadcasting markets. Satellite television provider DirecTV filed a separate antitrust lawsuit, which was later consolidated with the states’ case. The plaintiffs argued, among other things, that the combined entity would wield unprecedented leverage to raise retransmission fees charged to cable and satellite providers and that the combined entity would foreseeably pass those costs through to consumers in the form of higher bills. The plaintiffs further alleged that Nexstar likely would consolidate newsrooms in markets where it owned multiple stations, thereby degrading the quality and independence of local news coverage.

On April 17, 2026, Chief Judge Troy L. Nunley — who had previously issued a temporary restraining order in March — granted a preliminary injunction prohibiting Nexstar from integrating Tegna’s stations into its operations. The court found that the combination is “presumed likely to violate antitrust laws.” Notwithstanding that the transaction had already closed, the injunction requires Nexstar to maintain Tegna as “a separate and distinct, independently managed business unit,” and to implement measures ensuring Tegna remains an economically viable and active competitor. Nexstar has appealed the ruling to the Ninth Circuit Court of Appeals.

Key Takeaway

These two cases underscore the growing willingness of state AGs to pursue major antitrust enforcement actions independently of the DOJ’s Antitrust Division. For companies contemplating mergers or acquisitions in concentrated industries, they serve as a reminder that state AG review represents a distinct and meaningful layer of antitrust risk.

This information is provided by Vinson & Elkins LLP for educational and informational purposes only and is not intended, nor should it be construed, as legal advice.