Live Nation's previously reported acquisition of a majority stake in the Academy Music Group has been completed. The acquisition of 56% of the venue company is through the live entertainment conglom's joint venture with Ireland based Gaiety Investments, the joint venture which also owns UK venue, tour and festival company Mean Fiddler.
The 12 venue Academy Group is expected to continue to operate as normal despite the change in ownership, with the company's CEO saying as much in a statement this weekend. John Northcote told reporters: "Live Nation-Gaeity Holdings are not only investing in the dynamic Academy brand, but are also investing in the management I have built over the years. AMG's commitment to new and emerging talent will continue through its smaller venues and its in-house Academy Events promoting team".
As previously reported, in order to gain regulator approval for the acquisition of the Academy Group, Live Nation were required to sell off two of its own London venues, after concerns were raised by competitors in the live sector that the conglom would become too dominant in the UK capital's music market. Live Nation confirmed last month it was selling the London Forum to the Mama Group, who already own the UK wide Barfly network of smaller gig venues, and it was confirmed this weekend that Mama will also acquire the Hammersmith Apollo.
Confirming that purchase, Mama Group co-CEOs Adam Driscoll and Dean James told CMU: "The Hammersmith Apollo is a landmark venue in London and an important location for live music and live entertainment ranging from gigs by multi-platinum award-winning recording artistes such as the Pet Shop Boys, Bruce Springsteen and Travis through to plays and comedy tours such as Little Britain and Ricky Gervais. The Apollo represents an excellent addition to our expanding live music division".