LOS ANGELES (CelebrityAccess) — Live Nation Entertainment announced today the completion of a deal to acquire a majority stake in AC Entertainment, in festival and event company AC Entertainment.
The deal follows on the heels of Live Nation's acquisition last year of a majority stake in AC Entertainment's premier festival brand The Bonnaroo Arts and Music Festival, which AC Entertainment founded in 2002.
AC's portfolio also currently includes Forecastle, Big Ears and Sloss Music and Arts. Focused on the Southeastern U.S., AC Entertainment is responsible for more than 1,000 shows per year and also has deals with venues including the Tennessee Theatre, Bijou Theatre, Tivoli Theatre, Soldiers and Sailors Memorial Auditorium.
AC Entertainment will continue to be led by founder and CEO Ashley Capps and will operate under its name, with headquarters in Knoxville and regional offices in Nashville and Chattanooga. The company told Billboard that at present, it expects to make no changes in staffing at any of its locations.
"As the saying goes, the only constant is change, and embracing change and pursuing new opportunities have defined AC Entertainment throughout its 25 years," Capps told Billboard.
"Initially, the conversation with Live Nation was one of several that we were having as we contemplated how we wanted to grow and where we wanted to go as a company in the coming years. As we got to know the Live Nation team better, especially working on Bonnaroo, it became clear that our teams could complement one another very well. It seemed like a great fit for AC, for where we are as a company now and how we expect to grow in the future," he added. – Staff Writers