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UK competition watchdog flags concerns on Live Nation-MCD merger

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By Reuters
UK competition watchdog flags concerns on Live Nation-MCD merger
FILE PHOTO: The logo for Live Nation Entertainment is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2019. REUTERS/Brendan McDermid   -   Copyright  BRENDAN MCDERMID(Reuters)
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(Reuters) – Britain’s competition watchdog said on Thursday the proposed takeover of Ireland-based MCD Productions by the joint venture owned by U.S.-based Live Nation raises competition concerns in the music promotion industry in Northern Ireland.

“There are only a few rival music promoters in the region and they mainly rely on Ticketmaster to sell tickets to their events,” the Competition and Markets Authority said in a statement.

Ticketmaster is owned by Live Nation and the competition watchdog is concerned that the U.S. company may be able to stop rival promoters from selling tickets through the platform if the merger goes ahead.

The joint venture, London-based LN-Gaiety Holdings Limited, is between live events promoter Live Nation Entertainment <LYV.N> and Gaiety Investments.

(Reporting by Yadarisa Shabong; Editing by Arun Koyyur)