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Live Nation Takes Control of Bonnaroo Festival

Thursday, June 11, 2015   (0 Comments)

New York Times (04/28/15) Sisario, Ben

Live Nation Entertainment has purchased a controlling stake in the Bonnaroo Music and Arts Festival, the company recently announced. The acquisition is the latest in a series of consolidation moves in the concert industry, leaving ever-smaller numbers of independent operators. "We continue to expand the industry's most unparalleled and scalable festival platform, all while driving strong revenue and growth for Live Nation on a global basis," says Live Nation CEO Michael Rapino. "Bonnaroo is another crown jewel in this festival channel strategy." The merger also grants Live Nation an unspecified stake in Bonnaroo's home venue of Great Stage Park in Tennessee. A joint statement by Live Nation and Bonnaroo's founding promoters calls the agreement a partnership that gives the founders a certain degree of autonomy. “Through this partnership...we're even more empowered to enhance the festival while preserving the integrity of the event that we've thoughtfully built over the past 14 years,” says Superfly co-founder Rick Farman. The deal follows Live Nation's 2014 buyout of Lollapalooza and Austin City Limits promoter C3 Presents, and the company currently controls more than 60 festivals globally. APA agent Steve Martin notes festivals are the only area of the concert business marked by consistent growth.

 

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