Denis Desmond's Gaiety Investments and Live Nation are reportedly working together again in their collective bid to own pretty much anything to do with live music in the UK. This time they are collaborating in a bid to acquire Academy Music Holdings, who run the network of 'Academy' venues around the UK, as well as legendary London venues the Shepherds Bush Empire and Brixton Academy.
Gaiety and Live Nation (the latter then still part of Clear Channel) first went into partnership in order to acquire UK based live music and venues group Mean Fiddler. Their joint venture has since won the contract to operate London's Wembley Arena.
In the new deal, Desmond would look to utilise his relationship with Live Nation to increase his current 12.5% shareholding in the Academy group in a bid to take a majority interest in the company. Those plans have, however, been referred to the UK's Office Of Fair Trading because they would potentially leave two major players incredibly dominant in the live music sector.
Elsewhere in Live Nation news, the US division of the company has acquired a stake in a company called Musictoday, a web services company for the music business founded by Dave Matthews Band manager Coran Capshaw. Both he and Musictoday VP/Chief Nathan Hubbard will continue to take an active role in the running of the company, with Capshaw stressing to Billboard that the new relationship with Live Nation was more of a joint venture than a takeover.
Billboard quote him as saying: "Live Nation wanted a major stake as a condition of the deal, and given what they offered in additional resources for the business, it was worth it to me to accommodate their request. But I wasn't looking to sell a major stake. I am looking at this as a joining of forces and abilities, not as a sale."