CMA Eyes Up Live Nation
Live Nation’s recently announced acquisition of a majority stake in the Isle Of Wight Festival (pictured) is to be investigated by the Competition And Markets Authority (CMA).
The key question for the CMA is whether or not the live music behemoth taking a controlling stake in another major event will result in a “substantial lessening of competition” in the festivals market.
The live music major has expanded its global festivals portfolio considerably in recent years, including the purchase of MAMA group which included The Great Escape, Wilderness, Lovebox and Citadel– the company now owns or controls 28 UK festivals and 90+ worldwide, not to mention its extensive touring operations, venue portfolio and ownership or control of companies managing over 500 artists worldwide.
The CMA is yet to set an exact timetable for its review of the IOW Festival purchase, though it has requested that Live Nation operates the festival as a separate entity until its investigation is complete.
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