Live Nation-Gaiety’s proposed purchase of MCD Productions Unlimited Company does not raise competition concerns, an in-depth investigation by the UK’s Competition and Markets Authority (CMA) has provisionally found.
The CMA has been investigating the proposed takeover by LN-Gaiety Holdings Limited – a joint venture between Live Nation and Gaiety Investments – of Ireland-based live music promoter MCD.
After completing an initial Phase 1 investigation, the CMA was concerned that the deal could damage competition in Northern Ireland.
The UK regulator noted at the time that ‘there are only a few rival music promoters in the region and they mainly rely on [Live Nation owned] Ticketmaster to sell tickets to their events’.
The CMA was concerned that Live Nation could stop MCD’s rival promoters selling tickets through Ticketmaster post-merger.
According a statement issued today (November 7) an in-depth Phase 2 investigation led by an independent group of panel members has now ‘provisionally found’ that the merger is not likely to raise competition concerns.
Live Nation, according to the CMA, ‘would not be expected to have the incentive to harm rival music promoters by making it harder for them to sell tickets through Ticketmaster’.
The CMA is asking for views on these provisional findings by November 28 and will assess all evidence provided before making a final decision.
The statutory deadline for the CMA’s final report is January 8, 2020.
As reported by IQ, The Republic of Ireland’s Competition and Consumer Protection Commission (CCPC) cleared the acquisition in July.Music Business Worldwide