Live Nation is in the final stages of buying a controlling stake in Founders Entertainment, producers of Governors Ball, Billboard reports. That would mean both Live Nation and rivals AEG/Goldenvoice (who are producing Panorama) would both have festivals at NYC's Randall's Island this summer:

A festival arms race of sorts has been playing out out between Live Nation and rival AEG Live, as both aggressively seek to build their respective festival portfolios in what has been the most successful sector of the live music business for the past decade. With stakes or outright ownership in about 30 festivals in North America, including the biggest in the world in Coachella, AEG Live, primarily through its Goldenvoice division and a partnership with New Orleans Jazz & Heritage producer Festival Productions Inc. (FPI), had been well ahead of the game. Its festival portfolio includes Electric Forest, Firefly, Hangout, JazzFest, and a bevy of country festivals. But Live Nation, already a force on the U.K./European festival scene, has been extremely aggressive in North America of late, adding majority stakes in Electric Daisy Carnival, C3 Presents (Lollapalooza, ACL Fest, among others), and Bonnaroo, and launching six country music festivals (though two have pulled the plug).

Stay tuned. Governors Ball goes down June 3-5 at Randall's Island; Panorama happens there July 22-24.