Live Nation Completes Deal for C3 Presents
Monday, January 19, 2015
Billboard (12/22/14) Brandle, Lars
Live Nation Entertainment has closed a deal to acquire a controlling stake in C3 Presents, which previously was the biggest independent concerts company in its market. C3 Presents promotes the Austin City Limits Music Festival, the Lollapalooza festivals, Orion in Atlantic City, Counterpoint in Rome, Ga., LouFest in St. Louis, Wanderlust, and the Big Day Out tour in Australia. C3 posted $124 million in grosses from more than 800 shows in 2013, while for the first nine months of this year Live Nation's revenue climbed 9 percent to $5.23 billion and adjusted operating income gained 11 percent to $482.7 million. "Adding C3, the leading festival portfolio in North America, to our global portfolio of Insomniac, Festival Republic, and Country Nation provides Live Nation with the world's largest festival platform," says Live National Entertainment CEO Michael Rapino. With the new acquisition, Live Nation has secured much-needed clout in the North American festivals space. "We've been very clear we've been under-serviced in our festival business in the U.S., [which leaves] a big hole in our business which really drives our ticketing and sponsorship," Rapino noted in October. "I can't comment on the rumors, but it would make sense we'd be looking to acquire a strong festival company in the U.S."
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