In news that will no doubt have a serious impact on the festival market, let alone the music industry as a whole, Live Nation Entertainment “is in advanced talks to buy a majority stake” in C3 Presents, the promoter behind Lollapalooza, Austin City Limits, and several other music festivals, according to the New York Times.
Under terms of the prospective deal, the Times reports, Live Nation would acquire a 51 percent stake in C3, which is reportedly valued at $250 million.
In recent years, Live Nation has purchased several other festival promoters as it expands into the fledgling market. Its most recent acquisitions have centered around EDM promoters such as HARD, Insomniac, and Cream. C3 Presents, meanwhile, caters to a mixture of alternative rock and EDM demographics.
C3 Present also is behind Lollapalooza’s offshoot festivals in South America, Australia’s Big Day Out Music Festival, and Metallica’s Orion Music + More. It also books and promotes over 1,000 shows in North America at venues including Stubb’s and Emo’s in Austin, Texas.