| Desmond waits on Academy ruling
 Irish music promoter Denis Desmond’s plans to gain control of the
Academy Music Group in Britain, in conjunction with American
entertainment giant Live Nation, has encountered a significant speed
bump.
The Office of Fair Trading in Britain has referred the deal to the
Competition Commission after it found that it would substantially lessen
competition in sectors of London’s live music business.
The commission will now conduct a full investigation and not report
until next February.
Mr Desmond and Live Nation, through a company called Hamsard, want to
buy the 53 per cent shareholding in Academy Music which owns a string of
10 music venues including the Brixton Academy and Shepherd’s Bush Empire
in London.
Rivals expressed concerns that Desmond, owner of Gaiety, and Live Nation
would control venues catering for crowds of 2,000 and 5,000.
Other concerns included a claimed conflict between Gaiety and Live
Nation’s role as promoters and music-venue owners and that Live Nation’s
deal with Ticketmaster would spread to Academy venues.
Hamsard said it would put the ticketing deal for Academy out to tender.
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