Live Nation in advanced talks to purchase majority stake in Lollapalooza and Austin City Limits promoter C3 Presents
Live Nation Entertainment is currently in advanced talks to purchase a majority stake of C3 Presents (organizers of the popular Lollapalooza and Austin City Limits festivals), the country’s largest independent promoter. Live Nation is seeking a 51-percent stake in C3 Presents and have valued the company at approximately $250 million. Last year alone, C3 Presents sold over 2 million tickets and had gross sales of $124 million. Live Nation has been aggressive in expanding within the festival market with recent acquisitions that include Insomniac, Cream, and HARD Presents. It is still unclear if Live Nation will hold onto C3’s ticketing platform, Front Gate Tickets, due to its ownership of Ticketmaster.
Keep your eyes on Dancing Astronaut for updates on the finalization of this deal.
Via: New York Times