DETROIT LAKES, MINN. (CeelebrityAccess) – Connecticut-based radio, marketing, and live events company Townsquare Media, announced that it has sold its portfolio of festivals and live events to Live Nation.
Townsquare CEO Bill Wilson revealed the sale during a conference call about the company’s financial filings for the second quarter of 2019.
“After carefully evaluating our asset portfolio, we determined that music festivals are not core to our local-first strategy,” Wilson said during the call.
According to Wilson, then $10 million sale to a subsidiary of Live Nation includes all of Townsquare’s portfolio of about 200 events. While he did not name specific festivals, the company’s festival brands include The We Fest Country Music Festival, Country Jam, multiple Taste of Country music festivals, Headwaters Country Jam, The Boise Music Fest, Frog Fest, Red Dirt BBQ & Music, and the Beartrap Summer Festival among others.
WE Fest, one of the biggest country music festivals in the country, was started in 1983 by Jeff Krueger, with the management team expanding in 1985 with the addition of Rand Levy and Chyrll Sparks. Levy became the sole owner of the event in 2010 but sold the festival to Townsquare in 2014.
The 2019 edition of We Fest just wrapped on August 3rd.