Rapino And Desmond Hit Monopoly Snag
Michael Rapino and Denis Desmond’s effort to buy into Academy Music Group suffered a setback when the U.K.’s monopolies authority provisionally ruled that the deal would lead to them having too much control of London’s live music venues.
It’s not the end of the matter, as they still have time to convince the Competition Commission (CC) that it’s a made a bad call. But it’s looking less likely the deal will go ahead unless Hamsard 2786 Ltd., which now trades as LN-Gaiety Holdings Limited, agrees to hive off at least a couple of major flagship London venues.
What’s bothering the CC most is that the venue rents may rise once LN-Gaiety has its hands on the city’s Brixton Academy, Shepherds Bush Empire, Hammersmith Apollo, The Forum and The Astoria.