LN And MCD Play Down Buyout Stories

Live Nation and MCD are playing down news stories suggesting the American-based entertainment giant is close to buying out the Irish promoter, although neither side is denying there are ongoing discussions.

“It’s old news,” MCD chief Denis Desmond told Pollstar, responding to an article in Ireland’s Sunday Business Post, which suggested the companies are moving closer to a deal.

“That story could have been published at any time in the last 18 months,” said Paul Latham, LN’s chief ops officer for international music. “We’ve been doing a deal with Denis [Desmond] for that long.”

The Post report appears to have been prompted by LN Ireland chief exec Mike Adamson saying his company would be “linking up with local companies,” although he stopped short of revealing specific details.

The Post story also said Live Nation has been linked to a buyout of “some or all” of Desmond’s interests, which could refer to MCD and / or his Gaiety Investments, which already partners with LN in the ownership of the old Mean Fiddler Music Group and part ownership of the Academy Music Group.

In December, when Desmond bought former financial partner Shane Reihill’s 8 percent share of Gaiety, PricewaterhouseCoopers valued the company at euro 75 million.