Live Nation Entertainment have bought festival promoter C3 Presents, the same company who own Big Day Out festival.
According to multiple reports (via the Austin Business Journal) Live Nation have now closed the deal, which has said to have been in discussion for around 12 months. Back in October, it was reported that the two entities were in "advanced talks" for Live Nation to take a majority stake in C3.
The new report said Live Nation now own 51% of C3, an Austin-based company that also produces Lollapalooza and Austin City Limits.
Big Day Out, which is not going ahead this January, was purchased by C3 in 2011. There has been no word yet as to whether the Live Nation deal will see the return of the iconic Aussie event in 2016.
