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Live Nation Entertainment, the concert and ticketing giant, is in advanced talks to buy a majority stake in C3 Presents, the country's largest independent promoter, with a portfolio that includes the popular Lollapalooza and Austin City Limits festivals.

The prospective deal, in negotiations for months but still not completed, would give Live Nation a stake of 51 percent in C3 Presents, and value C3 at around $250 million, according to two people with knowledge of the talks.

A spokeswoman for Live Nation declined to comment, and representatives of C3 did not immediately respond to requests for comment on Monday afternoon.

C3, based in Austin, Tex., is run by three friends all named Charles or Charlie -- in the music industry, they are widely known as "the Charlies" -- and the company has grown quickly from its founding in 2007.

C3, best known for owning those festivals, is also a major force in the Austin rock club scene. They recently bought the Emo's name (and its new location, Emo's East), and book shows at Stubb's, Lambert's, The Parish and other places. They also had a lot to do with Metallica's Orion Festival (which took place in Atlantic City and then Detroit).