LiveKomm, Initiative Musik and the Rockmusik Stiftung are among the beneficiaries of the funding, which a culture spokesman says shows Germany's "high regard for culture"
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The takeover of MCD Productions by Live Nation's Gaiety Holdings (LNG) will be subject to further investigation in a ‘phase 2’ CMA probe
By Jon Chapple on 25 Jul 2019
The UK’s Competition and Markets Authority (CMA) today referred its investigation of Live Nation’s proposed takeover of MCD Productions for an in-depth ‘phase 2’ probe.
Following a preliminary, ‘phase 1’ inquiry that found the merger could result in less competition in Northern Ireland – claiming, somewhat implausibly, that a Live Nation-controlled MCD might “stop rival promoters from selling tickets” through Ticketmaster – the competition regulatory has referred the planned acquisition for an “in-depth” set to conclude in January 2020.
LN-Gaiety Holdings (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.
The new inquiry will be led by the CMA’s Robin Cohen, Anne Fletcher and chair Kip Meek (pictured).
On today’s decision, Desmond says: “We will continue to work with the CMA to allay any concerns they have.”
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