Live Nation to Buy Majority Stake in Festival Promoter C3 Presents
Lollapalooza 2014 via the festival
According to a New York Times report published yesterday, ticketing giant Live Nation is currently in advance talks to purchase a majority stake in C3 Presents, organizer of Lollapalooza and Austin City Limits. Neither company has commented on the deal.
Live Nation has made a habit of buying out festival promoters in the last few years, sticking mainly to the EDM scene with the acquisitions of HARD, Insomniac, and Cream. The Times reported C3 Presents is currently valued at around $250 million, which would put the 51% stake's price tag at around $125 million.
This is a fairly significant purchase considering C3's plans for the future. The Lollapalooza branch, which already holds festivals in Chicago, Chile, Argentina, and Brazil, is currently looking to expand to Canada in the future. ACL, which just wrapped its first weekend, reportedly brought in $32.1 million and 375,000 attendees in 2013. The company also has stake in a number of other festivals including Orion in Atlantic City, Counterpoint in Georgia, St. Louis' LouFest, Wanderlust, and Australia's Big Day Out.
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