A Manhattan federal jury on Wednesday found Live Nation Entertainment Inc. (NYSE:LYV) and its subsidiary Ticketmaster maintained a harmful monopoly over major concert venues in the U.S.

The verdict delivered a significant defeat for the live entertainment giant and could cost the companies hundreds of millions of dollars. 

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The jury determined Ticketmaster overcharged consumers by $1.72 per ticket across 22 states, and additional penalties and court-ordered divestitures of venues, including amphitheaters, remain possible. 

The judge directed both sides to propose a schedule for the remedies phase by late next week, according to the Associated Press. 

In the lawsuit, states alleged that Live Nation leveraged its sprawling empire of venue ownership, booking operations and ticketing dominance to suppress competition, including by blocking venues ...