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LN-Gaiety’s purchase of MCD cleared by CMA

UK competition authorities have finally followed their counterparts in the Republic of Ireland in greenlighting MCD Productions' merger with Live Nation

By Jon Chapple on 19 Dec 2019

MCD's Longitude festival in Dublin

MCD's Longitude festival in Dublin


image © MCD Productions

The Competition and Markets Authority (CMA) has cleared the acquisition of Ireland’s MCD Productions by the UK-based Live Nation-Gaiety joint venture, after finding last month the merger does not raise competition concerns in Britain.

The UK competition watchdog referred the merger for an in-depth, ‘phase-2’ investigation, after finding the coming together of Live Nation and MCD could lessen competition in Northern Ireland.

However, the findings of the phase-2 inquiry said the opposite: that the merger is “not likely to raise competition concerns, as Live Nation would not be expected to have the incentive to harm rival music promoters by making it harder for them to sell tickets through Ticketmaster”.

“Having consulted on this provisional finding”, the CMA today (19 December) confirms the merger has been cleared.

“Having consulted on” its provisional findings, the CMA has formally cleared the merger

LN-Gaiety Holdings – 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 – remained independent of Live Nation/Gaiety.

The company is one of the big two promoters and venue operators in the Irish republic, alongside Peter Aiken’s Aiken Promotions.

The LN-MCD merger has already been cleared by the CCPC, the CMA’s counterpart in the Republic of Ireland.

 


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