HMV steps into live music sector

Category: Music industry

HMV is widening its interests in the music industry by taking over concert venue owner MAMA Group.

The company already owned nearly ten per cent of MAMA, but has completely bought it out in a deal worth £46 million.

Simon Fox, chief executive of HMV, has hailed the takeover as a development that can accelerate its growth in the live music sector.

Adam Driscoll and Dean James, co-chief executives of MAMA, added that they are delighted HMV has recognised the financial and strategic value of their firm.

"We were excited about the opportunities that were created when we entered into the joint venture with HMV," they commented.

"That operation has worked extremely well."

Mr Driscoll and Mr James added that the takeover could lead to more opportunities to develop and evolve its live music operations.

MAMA currently owns 11 concert venues, including the legendary Hammersmith Apollo.

This is the latest in a series of acquisitions by HMV, which has taken over brands such as Waterstone's and Ottakars in recent years.

By Claire Johnson