Live Nation buys controlling stake in Bonnaroo
Live Nation recently bought a piece of C3 which added U.S. festivals Lollapalooza and Austin City Limits to their portfolio. Now Live Nation got themselves Bonnaroo too!
Live Nation Entertainment (NYSE: LYV) and Bonnaroo’s founding partners, Superfly and AC Entertainment, announced today the completion of a new partnership, through which Live Nation assumes a controlling interest in the Bonnaroo Music and Arts Festival.
“The addition of Bonnaroo builds on Live Nation Entertainment’s world leading festival portfolio of over 60 marquee festivals such as: Austin City Limits Music Festival, Lollapalooza, Reading, Leeds, T in the Park, Electric Daisy Carnival, Rock Werchter, and Watershed Music Festival to name a few,” said Michael Rapino, Live Nation CEO and president. “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. Bonnaroo is another crown jewel in this festival channel strategy, one that appeals to both fans and artists in uniqueness and experience.”
“We are strengthening our commitment to create the best possible experience at Bonnaroo,” said Rick Farman, co-founder, Superfly. “Through this partnership with Live Nation, 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.”
“Partnering with Live Nation is a milestone for Bonnaroo. It opens up tremendous opportunities for us to continue to evolve the Bonnaroo experience in an exciting, powerful way,” said Ashley Capps, founder, AC Entertainment.
Additionally, Live Nation now also owns a share of the Bonnaroo property, Great Stage Park, also known as “the Farm.” With Live Nation on board, significant investment in the site and enhancements to the festival experience are planned. Superfly and AC Entertainment will continue to plan and execute the day-to-day operations of the festival and signature Bonnaroo initiatives, such as sustainability efforts and involvement with the Manchester community. Bonnaroo’s non-profit arm, the Bonnaroo Works Fund, will continue to be a priority.
Founded in 2002 in Manchester, Tennessee, Bonnaroo is globally recognized as an iconic cultural landmark of the festival scene, heralded for its peaceful vibes, flawless operations and once-in-a-lifetime musical collaborations.
Bonnaroo happens in June and recently announced the 2015 schedule.
Live Nation also recently announced some new Philly venues.