LOS ANGELES (CelebrityAccess) — Live Nation Entertainment has announced a partnership with Superfly and AC Entertainment that gives Live Nation a majority stake in the Bonnaroo Music and Arts Festival.
Additionally, Live Nation now also owns a share of the 700-acre Bonnaroo property, Great Stage Park, also known as "the Farm" and the promoter giant said that they intend to make significant investment in upgrades at the site and the festival itself.
Superfly and AC Entertainment will continue to organize and operate the festival and related events such as involvement with the local community, and the festival's non-profit arm, the Bonnaroo Works Fund.
Financial terms of the deal were not disclosed, but last year, Live Nation paid an estimated $125 million for a majority stake in C3 Presents, producers of festivals such as Austin City Limits and Lollapalooza.
"We are strengthening our commitment to create the best possible experience at Bonnaroo," said Rick Farman, co-founder, Superfly. "Through this partnership with Live Nation, we're even more empowered to enhance the festival while preserving the integrity of the event that we've thoughtfully built over the past 14 years."
"Partnering with Live Nation is a milestone for Bonnaroo. It opens up tremendous opportunities for us to continue to evolve the Bonnaroo experience in an exciting, powerful way," said Ashley Capps, founder, AC Entertainment.
First held in 2002, in Manchester, Tennessee, the four-day Bonnaroo has become one of the most significant annual music festivals in the United States and its acquisition gives Live Nation control over a wide range of festivals in an increasingly competitive summer market for talent. As previously mentioned, Live Nation acquired C3 Presents last year, and in 2013, Live Nation acquired Insomniac, the producer of major EDM festivals such as Electric Daisy. The company also operates an impressive list of festivals abroad, including Reading, Leeds, and T in the Park. – Staff Writers