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Live Nation Acquires A Majority Stake In Australia's Secret Sounds

LOS ANGELES (CelebrityAccess) — Live Nation Entertainment announced that they have acquired a controlling stake in Australian festival producer and promoter Secret Sounds.

Led by Jessica Ducrou and Paul Piticco, Secret Sounds produces two of Australia's leading festivals: Splendour in the Grass (located in Byron Bay New South Wales) and Falls Music & Arts Festival (located in Byron Bay, Lorne Victoria, Marion Bay Tasmania and Fremantle Western Australia).

The acquisition also includes Secret Sounds' touring, sponsorship, PR, artist management and domestic agency businesses. The partnership excludes the Dew Process & Create Control Record Labels, Dew Process Publishing and its interests in the North Byron Parklands festival site and The Triffid venue in Brisbane.

"Splendour in the Grass and Falls are the two most iconic festivals in Australia," said Michael Rapino, President, and CEO, Live Nation Entertainment. "Jess and Paul have created events that attract the biggest artists in the world but still feel uniquely Australian. We look forward to partnering with them to find new ways to grow our live event footprint across Australia."

Michael Coppel, President, and CEO of Live Nation Australia and New Zealand added, "We wholeheartedly welcome Jess and Paul and their teams into the rapidly growing Live Nation Australia family. Our new relationship with the Secret Sounds group confirms Live Nation's position at the forefront of the Australian live performance industry."

The acquisition is Live Nation's first step into the turbulent Australian festival market, which in recent years has seen high profile festivals such as Big Day Out, Future Music, Stereosonic and earlier this year, Soundwaves all canceled.

The financial terms of the acquisition were not disclosed. – Staff Writers