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Live Nation to Acquire Majority Stake in C3 Presents

Thursday, October 23, 2014   (0 Comments)

Billboard (10/06/14) Waddell, Ray

Live Nation is in discussions to obtain a 51 percent controlling stake in C3 Presents for approximately $125 million. C3 is the largest independent U.S. concert and music festival promoter, and it remains uncertain how C3's management division and ticketing division, Front Gate Ticketing, will fare in the merger. C3's 2013 Austin City Limits festival grossed $32.1 million and drew 375,000 people in its five days, while Lollapalooza producer Perry Farrell reports the festival is seeking to expand outside of its Chilean, Brazilian, and Argentinean versions to areas such as Canada and Europe. Overall, C3 posted $124 million in 2013 earnings from more than 800 shows. C3 also owns a stake in the PR firm Fresh & Clean Media and several Austin venues, including Stubb's and La Zona Rosa. Red Light Management founder Coran Capshaw and Raine are among C3's shareholders.

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