Live Nation looks to swallow up SMG

In a move that will almost certainly attract regulatory attention, and would make its market share in live events even more dominant, Live Nation is reported to be among the bidders for venue management giant SMG. SMG, which has the world’s largest venue portfolio of some 500 arenas, stadia, theatres, amphitheatres and convention centres across North America, Europe and Asia (according to IQ-Mag.net) was put on the market by its current owner Northlane Capital Partners, and is expected to fetch somewhere in the neighbourhood of $750 million.

Fraud investigation continues at SMG

Police are investigating allegations of a fraud at venue operator SMG Europe. The Manchester-based company runs venues including the 21,000 capacity Manchester Arena, First Direct Arena in Leeds and Metro Radio Arena Newcastle.  Greater Manchester Police (GMP) said they had received an allegation of fraud but that no arrests have been made and enquiries were ongoing. SMG Europe has not commented on the matter, but Amplify says the fraud investigation is tied to an internal embezzlement case, quoting Bruce Hanson, corporate counsel for SMG, who said that last year “internal controls picked up a potential embezzlement” by an employee. “They use the term fraud a little differently,” in the UK, Hanson said. “SMG is not being investigated. Police are looking at a possible crime against the company.” He added that SMG had first discovered financial impropriety “several years ago”.

http://www.musicweek.com/news/read/police-investigating-alleged-fraud-at-smg-europe/062517

http://www.manchestereveningnews.co.uk/business/fraud-allegation-manchester-arena-operator-9690747