CMA investigates Live Nation’s stake in the Isle of Wight festival
April 27, 2017 10:36 AM
The Competition and Markets Authority (CMA) is investigating Live Nation's stake in the Isle of Wight festival.
The investigation comes after the announcement last month that Live Nation had taken a majority stake in the festival, as part of a new investment agreement via LN-Gaiety (Live Nation Gaiety Holdings Ltd) with Live Nation to work alongside the festival’s organiser John Giddings and his Solo Music Agency who will continue to lead the Isle of Wight festival.
The CMA is now examining whether the deal would result in a substantial lessening of competition, as stated by the CMA's initial enforcement order.
The CMA is considering whether it is or may be the case that a relevant merger situation has been created and whether the creation of that situation has resulted or may be expected to result in a substantial lessening of competition in any market or markets in the United Kingdom, it continued.
Live Nation has the largest platforms of festivals in the world, with more than 86 festivals in its global portfolio including Download, Lollapalooza, Reading and Leeds, Way Out West, Rock Werchter, Splendour Festival Australia, Austin City Limits and Governor's Ball.
The Isle of Wight festival this year includes headline artists David Guetta, Run DMC and Rod Stewart on 8-11 June.