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Live Nation Said To Be In Talks To Acquire Governors Ball Producer Founders Entertainment

NEW YORK (CelebrityAccess) — Billboard is reporting that Live Nation is close to sealing a deal to purchase a controlling stake in Founders Entertainment, producers of the successful New York-based Governors Ball Festival.

Set for June 3-5 on New York's Randalls Island, Governor's Ball this year will feature headliners Kanye West, The Killers and The Strokes. The festival will take place just weeks ahead of AEG's newly announced Panorama Music Festival, which is set to take place on Randalls Island from July 22-24.

Governors Ball, which debuted in 2011, has been the only major festival to flourish in the New York city region and 2015 proved to be the event's strongest year, drawing approximately 150,000 fans in aggregate, according to Billboard.

The acquisition of Founders Entertainment would be a major coup for Live Nation, which has heretofore been unable to develop a major festival property outside of the EDM focused Electric Daisy Carnival in the Northeastern US.

Past efforts include the move of Jay Z's Made in America festival to New York last summer, and the 2015 debut of country music festival Farmborough (coincidentally done in collaboration with Founders Entertainment). However, both failed to generate traction in the market, and did not return for a second round. – Staff Writers