AEG's Planned Takeover of London's Wembley Arena Gets Regulatory Clearance
The bid to run the live event venue in addition to the O2 Arena originally raised fears of price hikes.
LONDON – U.S. live event giant AEG Live's bid to take over management of the Wembley Arena has been cleared by Britain's Competition Commission.
AEG currently owns and operates the O2 Arena -- which recently played host to Beyonce, Justin Bieber and will be the venue for a series of Jay Z concerts – and the Hammersmith Apollo, the venue for LeAnn Rimes' upcoming show, in the British capital.
The AEG bid for the Wembley Arena was referred to the Commission, an independent public body set up to conduct in-depth inquiries into planned mergers and deals, in March this year amid fears that the company's growing dominance of venues in the British capital could lead to higher ticket prices.
But the CC said Monday that the deal "would not result in a substantial lessening of competition in the markets for the provision of venue space to promoters, provision of sponsorship opportunities or the provision of other event-related services, such as catering."
AEG inked its deal to run the Wembley Arena after a contract with rival Live Nation had expired.