Live Nation Acquires Controlling Stake in Bonnaroo Festival
Live Nation became an even bigger presence in the outdoor music festival business this week by purchasing a controlling stake in the Bonnaroo Music and Arts Festival, an annual event that draws some 80,000 people every year to rural Tennessee. The company already owns controlling stakes in Lollapalooza and Austin City Limits, as well as the popular dance music festival Electric Daisy Carnival. The company did not disclose what it paid for Bonnaroo, but it reportedly spent $125 million last year for 51 percent of C3 Presents, the promoter in charge of Lollapalooza and Austin City Limits. Of course, the company also owns TicketMaster, the nation’s largest seller of tickets for concerts and sporting events.
Bonnaroo is held in June each year in Manchester, Tennessee, drawing in excess of 80,000 fans. Tickets for the four-day event start at about $360. This year’s event will feature appearances by Billy Joel, Deadmau5, Alabama Shakes and Kendrick Lamar, as well as dozens of other artists from multiple genres.