The Isle of Wight Festival’s takeover by global entertainment Live Nation is being looked at by competition watchdogs amid potential concerns over the deal.
Britain’s Competition and Markets Authority (CMA) said it was looking at launching an investigation into whether Live Nation’s move to snap up a controlling stake in the Isle of Wight Festival would lead to a “substantial lessening of competition”.
The move comes after Live Nation became the majority shareholder in the Isle of Wight Festival in March through LN-Gaiety – its UK joint venture with music mogul Denis Desmond’s Gaiety Investments.
Live Nation has added the Isle of Wight event to its portfolio of more than 85 music festivals worldwide, including Reading, Leeds, Wireless and T in in the Park.
The CMA has not yet set a date for consultation submissions or its decision, but has asked Live Nation and the Isle of Wight Festival to operate separately until it gives the merger the green light.
Full Content: Isle Of Wight Radio
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