Fans dance with other fans during the Arctic Monkey's performance on the What Stage at Bonnaroo on Sunday, June 15, 2014 in Manchester. Photo by Adan Lau/News Sentinel
Live Nation Entertainment (NYSE: LYV) is purchasing a controlling interest in Bonnaroo from the Tennessee festival's founding partners, Superfly and Knoxville-based AC Entertainment.
Superfly and AC will continue to plan and execute the day-to-day operations of the festival and signature Bonnaroo initiatives, such as sustainability efforts and involvement with the Manchester community, according to today's announcement.
“The addition of Bonnaroo builds on Live Nation Entertainment's world leading festival portfolio of over 60 marquee festivals such as: Austin City Limits Music Festival, Lollapalooza, Reading, Leeds, T in the Park, Electric Daisy Carnival, Rock Werchter, and Watershed Music Festival to name a few,” said Michael Rapino, Live Nation CEO and president in today's announcement. “We continue to expand the industry's most unparalleled and scalable festival platform all while driving strong revenue and growth for Live Nation on a global basis. Bonnaroo is another crown jewel in this festival channel strategy, one that appeals to both fans and artists in uniqueness and experience.”
“Partnering with Live Nation is a milestone for Bonnaroo. It opens up tremendous opportunities for us to continue to evolve the Bonnaroo experience in an exciting, powerful way,” said Ashley Capps, founder, AC Entertainment.