Friday 23 August 2019

Sale of concert promoter MCD to Live Nation approved by regulators

Caroline Downey
Caroline Downey
Donal O'Donovan

Donal O'Donovan

The sale of concert promoter MCD to Live Nation has been approved by Irish regulators, but with conditions attached including that authorities must be told in advance of any takeover of a new music festival.

Following the deal, sister companies MCD and Ticketmaster must also each act independently and in its own interest, regulators said.

The merged business must also take steps to ensure that information about planned tours being promoted by rivals using venues owned or managed by Live Nation – including 3 Arena – isn’t shared between Live Nation and MCD.

Husband and wife Denis Desmond and Caroline Downey agreed last August to sell MCD Productions to LN-Gaiety Holdings, their joint venture with Live Nation.

The Competition and Consumer Protection Commission (CCPC) here has now cleared the deal after an investigation to assess whether would hurt competition. UK authorities are still looking at the implications for the market there.

Over four decades MCD has brought many of the world's biggest rock and pop acts to Ireland, including Westlife's Croke Park gigs this weekend.

LN-Gaiety owns and operates live music festivals and venues, including Electric Picnic. Live Nation owns Ticketmaster and also owns and operates the 3Arena, operates the Bord Gáis Energy Theatre and manages the Gaiety and Olympia theatres.

Online Editors

Also in Business