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Live Nation and Ticketmaster have reached a settlement with federal authorities over accusations the ticket giant’s business practices created a monopoly of the live events music industry.

A senior justice official said in a briefing Monday that the agreement will give consumers more options and bring down prices. However, the settlement avoided a breakup of Live Nation and Ticketmaster, which was a demand from some of the more than 30 states suing the company.

In a major change, Ticketmaster will let f

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