Live Nation's former managing director Stuart Galbraith, who was sacked in September for breach of contract, has confirmed industry expectations and signed a 50/50 joint venture with O2 owners AEG.

Galbraith is hoping "boutique promoter" Kilimanjaro, which will focus on festivals, touring acts and breaking new artists, will become one of the top three live music players in the UK within five years.

Due to launch officially today (Monday), Kilimanjaro has already secured the only European leg of the Eagles' ...