Audience Magazine is reporting, (here), that Live Nation, the world's biggest concert promoter, has closed a deal to take over festivals and venues operator MAMA & Company, which operates live music events including Lovebox, The Great Escape, Wilderness, Citadel, Somersault, Escape Into The Park, and Vintage Festival, as well as a 50% shareholding in All Tomorrows Parties.
The magazine, which is subscription, reports that AEG Live was also in the running but was outbid by Live Nation at the last minute, with the deal expected to be completed with MAMA owner Lloyds Development Capital (LDC) by the end of August, after completing due diligence checks.
Until the deal is done it's unlikely that there will be an official announcement just yet.
Live Nation's control of large UK festivals continues to grow with them already having a major stake in the V Festival, and owning Creamfields, T in the Park, Download, Wireless, and Hard Rock Calling festivals.
They have entered into a joint venture with Angel Music Group to run Global Gathering, and they have a controlling stake in Festival Republic (formerly Mean Fiddler) who run Reading and Leeds Festivals, and Latitude.
Live Nation also owns and/or manages gig venues, rock arenas and music festival sites around the world and teamed up with Denis Desmond's Gaiety and formed a company called Hamsard buying the Mean Fiddler group for £38m, along with music venues including ten venues in The Academy Group, including Brixton Academy, and Wembley Arena in London. Last year Live Nation also won the contract to exclusively operate the Queen Elizabeth Olympic Park.