WASHINGTON D.C. (CelebrityAccess) — Live Nation Urban has acquired a stake in the Washington D.C.-based Broccoli City Festival and added the festival’s founders to its executive team.
While the exact details of Live Nation’s investment in the festival were not disclosed, the company said it acquired a “significant equity stake” in the event.
“For us as a company, this investment was an important one. When we formed in 2018, one of the first deals we did was the original co-promotion deal with the Broccoli City team. I promised the guys that the success of our partnership would lead to greater things, and it was important to me to keep my word. We are not simply investing in a festival; we are investing in these amazing founders. We believe this will be the first of many brands that we will build together with Marcus and Brandon as they have an insatiable entrepreneurial spirit,” said Live Nation Urban President Shawn Gee. “One of the core tenants of Live Nation Urban is identifying young black entrepreneurs in the live space and investing in their vision. I’m looking forward to continuing to build with Marcus and Brandon.”
“We are super excited about this partnership with LNU/LN and working closer with Shawn McGee. I really appreciate him encouraging us to be big thinking entrepreneurs and brand builders… not limiting us to event producers,” said festival co-founder Brandon McEarhern.
“We are going to focus on curating untapped niche markets, bigger partnerships, and international expansion. Reimage the future of live cultural experiences. Our big picture goal is to create a 100-million-dollar community at the apex of live entertainment, social impact, and digital media,” added festival co-founder Marcus Allen.
The festival, which was founded in 2010, first took place in Los Angeles but relocated to Washington D.C. in 2013. For 2022, the festival featured a lineup that included 21 Savage, Ari Lennox, Lil Durk, Summer Walker, Jeezy, Gunna, and Wizkid, among others.