Live Nation to Buy Majority Stake in C3 Presents
In an article published by The New York Times on October 6th it was announced that the ticket mecca Live Nation was in talks to buy majority stake in C3 Presents.
C3 Presents is best known as the promoter behind major music festivals Lollapalooza and Austin City Limits, but also promotes many smaller events around the country. C3 also has its hand in many International ventures such as Australia’s Big Day Out and Lallapaloozas South American counterparts. The deal between C3 Presents and Live Nation will reportedly give Live Nation 51% stake in the company and is valued at about $250 Million according to New York Times.
This is not the first acquisition of festival promoters that Live Nation has made, they recently purchased EDM giants Insomniac, HARD and Cream.
This news has not taken kindly to many festival lovers and music fans, fearing higher service charges and limited ticket availability. Hopefully Live Nation will respect the fans and keep these events accessible, but only time will tell.