Live Nation bought a controlling stake in Bonnaroo back in 2015, and entered into a partnership with Superfly and AC Entertainment, who co-founded the festival in 2002. Now Billboard reports that Live Nation is buying out Superfly's remaining stake in Bonnaroo, effectively ending their involvement with the festival.

More from Billboard:

Live Nation purchased a controlling interest in the festival in 2015 and has told minority owners in Bonnaroo that it plans to exercise a buyout clause in the agreement to purchase the rest of the festival, Billboard has learned. The transaction will take place before next year's festival and effectively ends Superfly's role as festival producer, although a limited role for Superfly at the festival is being considered. Going forward, Bonnaroo will be produced by co-founder AC Entertainment and C3 Presents, which Live Nation purchased in 2014.
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A year after purchasing a controlling stake in the event, Live Nation bought a majority share of festival co-founder Ashley Capps Entertainment. As part of the 2015 agreement, Superfly and AC Entertainment were retained as operators, and a number of improvements were planned for the Great Park Stage site, also known as the Farm, which organizers purchased in 2007.

Bonnaroo's 2019 edition wrapped up earlier this month in Manchester, TN. The festival sold out in advance this year for the first time in six years.

Superfly were originally set to produce Woodstock 50, but ended their involvement with the festival after now-former financial backer Dentsu Aegis Network pulled out.