LN-Gaiety’s planned acquisition of Denis Desmond-owned promoter MCD Productions is under investigation by UK regulator CMA, as Irish watchdog continues its case
Sign up for IQ Index
The latest industry news to your inbox.
Ireland's CPCC will look into whether LN-Gaiety's planned takeover of MCD Productions 'substantially lessens competition'
By IQ on 03 Jan 2019
The Competition and Consumer Protection Commission (CCPC), the Republic of Ireland’s consumer protection agency, has announced a ‘phase 2’ investigation into the acquisition of Irish promoter MCD Productions by UK-based LN-Gaiety Holdings (LNG).
LNG – a joint venture between Live Nation UK and Denis Desmond’s Gaiety Investments – announced last August it planned to acquire Desmond’s company MCD Productions. Cork-born Desmond succeeded John Probyn as Live Nation’s chairman in the 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.
A phase 2 investigation, in CCPC-speak, follows a preliminary, ‘phase 1’, investigation if “the CCPC is unable to conclude that the proposed transaction will not lead to a substantial lessening of competition in any market for goods or services” in the republic.
Live Nation faced a similar investigation from the CCPC’s UK counterpart, the CMA, in 2017 over concerns its takeover of Isle of Wight Festival would stifle competition in Britain’s festival market, though the acquisition was cleared that September.
Live Nation has been contacted for comment.
Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.