Live Nation Set To Purchase C3 Presents, Promoter Behind Lollapalooza
Music industry and ticketing powerhouse Live Nation Entertainment is reportedly in “advanced talks to buy a majority stake” in C3 Presents, the country’s largest independent promoter. C3 Presents is most known for promoting festivals such as Lollapalooza, Austin City Limits, Australia's Big Day Out Festival as well as independent concerts all over the nation.
In a move that would have severe ramifications on the entire festival landscape, Live Nation is reportedly looking to purchase a 51% stake in C3 Presents at a price that would put C3 Presents’ valuation roughly around $250 million.
Though the exact terms of the deal hasn’t been finalized, this acquisition would firmly place Live Nation Entertainment in the forefront of all things music, especially with regards to festival production and concert events. C3 Presents would join a star-studded group of acquisitions that Live Nation has made within the last couple of years, including dance music promoters HARD Presents, Insomniac, and Cream. With the acquisition of C3 Presents, Live Nation will control ticket sales for some of the largest festivals in North America - Lollapalooza, Electric Daisy Carnival, and HARD’s flagship festivals, HARD Summer, and HARD Day of the Dead. The addition of C3 Presents gives Live Nation a nationwide reach with their festivals, and now adds an element of diversity to the rest of their assets.
[H/T: New York Times]