Live Nation set to buy one half of Insomniac for $50 million
Rumors have been swirling in the dance music world for months about the future of Pasquale Rotella’s beloved Insomniac Events. According to multiple unconfirmed sources, bidding wars had been taking place for quite some time (SFX even offered a reported $100 million for the company) but the Wall Street Journal has just reported Live Nation has won out for now. They are close to finalizing a deal that would make them 50% owners of the event company for a reported $50 million price tag.
This is one more step towards consolidation in the dance music industry; Insomniac will be joining Gary Richards’ HARD Events, Cream, and Creamfields under the Live Nation umbrella. It will certainly be interesting to see what big moves come next, whether it’s from Sillerman and SFX, Live Nation, or other large corporate interests. This is business and everyone wants a piece of the dance music pie, but let’s all cross our fingers Rotella remembers his “headliners.”