Global music giant Live Nation is reportedly in “advanced talks” to purchase C3 Presents, America’s largest independent concert promoter and owners of Australia’s iconic Big Day Out festival.
According to the New York Times the deal, which will see Live Nation take a majrity stake in C3, is not yet completed but has been in negotiation for months. C3’s flagship festivals include Lollapalooza and Austin City Limits.
C3 bought into Big Day Out in 2011 after the split of founders Ken West and Vivian Lees. In 2013 C3 brought Soundwave boss AJ Maddah into the fold, who then dropped out earlier this year after another challenging year for the touring festival. In June C3 confirmed there would not be a Big Day Out in 2015, although they hope to revive it in the future.
There are no guantees of a return for the festival under Live Nation, who may even choose to divest the brand. Live Nation has a enviable roster of electronic dance music festivals after acquisitions of Cream, Hard and Insomniac.
Maddah has said that he sustained losses of $5.5 million on Big Day Outs 2014 event, while speculating that C3’s losses were even greater.
