The Competition and Consumer Protection Commission has announced that it is to launch a detailed investigation into the planned acquisition of gig group MCD by a joint venture involving international music giant Live Nation.
MCD is the promoter behind much of the big gigs that take place in Ireland. It brought Taylor Swift, Gary Barlow and Dua Lipa to Ireland last year, and it was also behind the Longitude festival in Marlay Park.
It is currently owned by Denis Desmond and Caroline Downey but in August it announced that it was to be bought by LN-Gaiety - a British-based company that is 50/50 owned by Live Nation and Gaiety Investments, which is in turn owned by Denis Desmond and Caroline Downey.
Live Nation is a massive global player in the music industry and already manages a number of Irish venues, including the 3Arena, the Bord Gáis Energy Theatre and the Olympia.
The CCPC last night said that, following a preliminary investigation, it has decided that a full investigation is required "to establish if the proposed transaction could lead to a substantial lessening of competition in any market for goods or services in the State".
It says it will publish the reasons for this decision within 60 working days, and has invited submissions from interested parties by January 18.
