AN ISLE of Wight Festival takeover by Live Nation looks set to go ahead after the Competition and Markets Authority (CMA) said it had no concerns about the deal.

The CMA looked into the deal when it was announced in March, after concerns were raised that Live Nation's — which runs other festivals including T in the Park, Reading and Leeds — acquisition of a controlling stake would stop other events from being able to book top acts.

As part of their initial investigation they spoke to organisers of other events, industry bodies and festival goers.

"The evidence collected indicates that the Isle of Wight festival and Live Nation's existing festivals were not competing particularly closely for customers. After the merger, people will continue to be able to choose between festivals owned by Live Nation and a variety of competing festivals.

"The fact that festival goers also choose between going to a festival and other activities will also ensure that Live Nation continues to face sufficient competition," said a spokesman.

"Following concerns raised by third parties, the CMA also investigated whether the merger would enable Live Nation to stop rival organisers of live music events, both festivals and concerts, from being able to book the range and quality of artists that they need to provide a competitive proposition.

"However, the evidence indicates that the merger will not materially strengthen Live Nation's position in booking artists, and that a sufficient range and quality of artists will continue to be available for rival organisers of live music events," said the CMA.

John Giddings will continue to run the festival.