USA’s biggest concert promoter will takeover the company in charge of organizing Lollapalooza and Austin City Limits
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Live Nation is in negotiations to purchase 51 percent of the concerts and festival business of Austin-based independent promoter C3 Presents for about $125 million. Both Lollapalooza in Chicago and Austin City Limits in Austin, Texas, draw more than 200,000 fans over three-day periods, according to C3’s website. C3 also has staged Lollapalooza in Chile, Argentina and Brazil.
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The potential acquisition, reported earlier by the New York Times, would beef up Live Nation’s festival holdings, which it has been aiming to expand. Live Nation already has seven festivals in North America that attract more than 100,000 fans each.In recent years, Live Nation has purchased several other festival promoters as it expands into the fledgling market. Its most recent acquisitions have centered around EDM promoters such as HARD, Insomniac, and Cream.
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With this proposed move, Live Nation would further tighten it’s grip over the live music industry in the United States.
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