In one of the most significant music business acquisition stories of the year, Live Nation has bought a controlling stake in US live gig promoter C3 Presents.
Before the deal, C3 was North America’s biggest independent concert promoter. Live Nation is reported to have bought a 51% stake in the company for $125 million.
C3 owns and operates Austin City Limits Music Festival, which takes place over two three-day weekends in the summer, with around 75,000 people attending each day. 2014’s festival was headlined by Eminem, Outkast and Pearl Jam.
C3 also produces Lollapalooza, which has become one of the world’s most successful festival brands, with events in Berlin, Buenos Aires, Santiago and Sao Paulo – aka Lollapalooza Argentina, Lollapalooza Berlin, Lollapalooza Brazil and Lollapalooza Chile – along with its flagship Chicago event.
Lollapalooza was relaunched by C3 in 2005, and now attracts more than 700,000 attendees each year across the world.
C3 promotes over 1,700 additional concerts and events annually, . It is headed up by the management team of Charles Attal , Charlie Jones and Charlie Walker.
“The Charlies have proven they are amongst the most successful entrepreneurs in the concert industry. I have long admired what they built and now I look forward to working alongside them as they continue to build a world class festival company,” said Michael Rapino , president and chief executive officer, Live Nation Entertainment.
“Adding C3, the leading festival portfolio in North America, to our global portfolio of Insomniac, Festival Republic and Country Nation provides Live Nation with the world’s largest festival platform.”
Attal, Jones and Walker added, “We are excited to join Live Nation and become a part of their global family, while continuing to grow our festivals within a culture of entrepreneurship that will empower our team to keep improving these festivals and the fan experience.”
Combined with Festival Republic, Live Nation’s festival and event promoter in Europe, the C3 deal means that LN now runs over 65 festivals worldwide.
The Austin-based C3 Presents team will continue to manage Lollapalooza, Austin City Limits and their other events on behalf of Live Nation.Music Business Worldwide [STAGING]
