Music Week’s round-up of essential biz stories you might have missed…
MCD sells to Live Nation
MCD Productions has been acquired by Live Nation. The Irish promoter has been bought out by LN-Gaiety, a joint venture between Live Nation and MCD owners Denis Desmond and Caroline Downey, which effectively leaves the pair with a half share in MCD. The deal strengthens the partnership between Desmond and Live Nation, who have worked together in the UK and Ireland.
7digital ‘not proud’ of late results
7digital chairman Don Cruickshank has apologised for the “lengthy delay” in the publication of its financial results. Shares were suspended from trading on the AIM market in July as a result of the late reporting. Cruickshank said the board “are not proud” of the situation, which resulted from a detailed review of internal systems and accounting practices by new auditors. When finally published, the 7digital results showed a 50% increase in revenues to £16.80 million, while licensing revenues were up 74% at £11.61m. The adjusted EBITDA loss was reduced by 63% to £1.6m.
Blue Raincoat Artists recruits managers
Blue Raincoat Artists has recruited LA-based artist manager Darin Harmon. He brings AIM Awards nominee Phoebe Bridgers to the roster. As well as artist representation, Harmon will oversee the Chrysalis Records catalogue in the US. Josh Fisher has also joined Blue Raincoat Arists to further bolster the company’s electronic music management arm. A former events manager at Ibiza venue Space, he brings Mexican techno DJ Hector to the roster.
Camden’s Lock Tavern to close
One of London’s best-known music venues, which has played host to the likes of Amy Winehouse, Florence + The Machine, Tame Impala and Adele, is set to close at the end of the month. The Lock Tavern has reportedly been bought by the East London Pub Co as part of the firm’s expansion plans. The company has said that they will try to preserve the tradition of nurturing new live talent. An “Au Revoir Lock Tavern” event has been scheduled for August 23, with another event set to take place on August 27. The East London Pub Co is set to take over the following day.
Promoter Glasswerk adds Liverpool venue
Glasswerk has added Grand Central Hall in Liverpool to the independent venues for which it promotes events. The 1,150-capacity venue has been restored and refurbished as part of the whole building’s renovation, which now includes a food bazaar, two bars, and a hotel. Glasswerk is a concert promotions company and venue programmer with more than 13 years of experience. Their portfolio of managed venues also includes The Slaughtered Lamb in London and Factory in Manchester.