LOS ANGELES (CelebrityAccess MediaWire) — Live Nation announced the acquisition of Cream Holdings Limited, the company behind such successful music festivals as Creamfields.
"We are committed to being a leader in electronic music and as one of the most recognizable brands in the electronic community; Cream is at the forefront of the mainstream youth culture today. With this acquisition, Live Nation further establishes its position in electronic music and expands its concert platform," said Live Nation CEO/President Michael Rapino. "We intend to launch new festivals in key markets in North America, Europe, and Southeast Asia."
The deal will see Cream's founder James Barton joining Live Nation as the President of Live Nation Electronic Music.
Cream got its start in 1992 as a weekly club night at Nation nightclub in Liverpool and launched as an independent brand in 1998. Since then, Cream has become a major presence in the world of electronic music, producing electronic music/DJ events around the world with some of the most recognized artists in the field, including David Guetta, Swedish House Mafia, Tiesto and others.
The company also produces the successful Creamfields festival, which has seen nine editions in the UK and has since expanded with festivals being staged in a diverse list of places that includes Abu Dhabi, Buenos Aire, Malta, Poland and Spain.
In 2012, Cream plans on attracting over 350,000 fans to its festivals around the world, including over 100,000 at its Creamfields UK festival. Creamfields was recognized as Festival of the Year for 2010 at the Music Week Awards and has won Best Dance Event of the Year in 2005, 2006, 2009, 2010 and 2011.
Cream also operates a record label that focuses on DJ/Compilation albums such as the Creamfields 2011 Compilation and Cream Club Anthems.
Terms of the deal were not disclosed.
"I am delighted to be a part of the Live Nation team and know that the company is the perfect partner. Our strategies are aligned and through the combined efforts of the Cream and Live Nation teams, we will substantially grow our electronic music offerings across the globe." said Cream's James Barton. – CelebrityAccess Staff Writers