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Green light for AMG takeover.
Live Nation and Gaiety Investments buy 56% stake in venue company
by Jim Larkin
Academy Music Group has secured additional buying power in its effort to bring new venues to towns around the UK, after Live Nation and Gaiety Investments were given the green light to take a 56% stake in the business.
Live Nation and Gaiety, through the joint acquisition vehicle Hamsard 2786, completed their takeover of Academy Music Group last week after agreeing to sell both the Hammersmith Apollo and Kentish Town Forum to Channelfly owner Mama Group for a total of #14m.
The deal values AMG at #58.1m and, importantly for the group, gives it financial backing to pursue its policy of investing in venues around the country, especially in towns where there is currently no medium- sized venue for music.
AMG has previously stated a policy of establishing a venue in every town in the country where there is a sizeable student population, as well as some sort of musical heritage. Northcote says the deal allows it to "pursue our strategic growth" further.
In taking a stake in AMG, Live Nation is adding 12 live music venues to its portfolio of operations around the country, including Brixton Academy and Shepherd's Bush Empire. This represents another 2,500 live events and an expected 3m ticket sale each year. Live Nation CEO Michael Rapino says the AMG venues are "among the best in the world".
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