Published Sunday, 20 April 2014
DJ David Guetta performed at Oxegen 2013. (© Getty)
MCD said the event will not be taking place this year due to a "lack of suitable headline acts" combined with "the financial demands by local agencies".
The company added that this makes it "no longer viable to stage the festival in its current form".
Oxegen, which takes place over three days at the Punchestown Racecourse in Co Kildare, was first held in the summer of 2004.
It took a break in 2012 before returning in 2013 when it was attended by up to 50,000 people.
In the past acts including the Foo Fighters, Kings of Leon and REM have taken part in the event, which is one of Ireland's biggest music festivals
© UTV News