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Denis Desmond's MCD has been brought under the LN-Gaiety umbrella, in the "logical next step" in the 14-year relationship between Live Nation and the Irish promoter
By Jon Chapple on 17 Aug 2018
LN-Gaiety Holdings (LNG), the UK promotion joint venture by Live Nation and Denis Desmond’s Gaiety Investments, has acquired Desmond’s company MCD Productions, strengthening significantly the relationship between Live Nation UK and its chairman.
Cork-born Desmond succeeded John Probyn as Live Nation’s chairman, UK and Ireland, in 2015, although MCD – founded by Desmond and Eamonn McCann in 1980, and now co-owned by Desmond and his wife, Caroline Downey – retained its independence.
News of MCD’s acquisition by LNG, first reported on Wednesday by Hot Press, follows that of the retirement of longtime Live Nation UK president, Paul Latham. Desmond described Latham as a “good friend”, and wished him “every happiness on his retirement”.
“Adding MCD to our successful joint venture is the logical next step in the development of LN-Gaiety Holdings”
LN-Gaiety’s UK portfolio includes stakes in Festival Republic, Academy Music Group, Mama & Company, DF Concerts, The Warehouse Project/Parklife and Isle of Wight Festival.
MCD is the largest concert promoter in Ireland and eighth biggest in the world, according to Pollstar. Recent major shows include U2, Coldplay, Guns N’ Roses and, most recently, Taylor Swift at Croke Park stadium in Dublin.
Confirming news of the takeover to IQ, a Live Nation spokesperson says: “Through our joint venture with Gaiety Investments, LN-Gaiety Holdings Ltd, we have worked with Denis Desmond for 14 years. Adding the complementary MCD Productions to our successful joint venture is the logical next step in the development of LN-Gaiety Holdings.”
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