The music industry consolidations continue as Live Nation has made yet another purchase. This time Live Nation has acquired a majority stake in AC Entertainment, which is a co-founder of Bonnaroo. The festival’s other co-producer, Superfly, is reportedly not involved in this deal and is involved in festivals such as the Okeechobee Festival in Florida. A year ago Live National acquired a majority stake in the festival itself, but not the producer AC Entertainment. This gives Live Nation a bigger footprint in the South East, as Bonnarroo takes place in Tennessee. The founder and CEO Ashley Capps remarked on the deal saying
As we got to know the Live Nation team better, especially working on Bonnaroo, it became clear that our teams could complement one another very well. It seemed like a great fit for AC, for where we are as a company now and how we expect to grow in the future.
Besides Bonnaroo, AC Entertainment includes Forecastle and Big Ears in Kentucky as well as Sloss Music and Arts in Birmingham, Alabama. AC’s management will stay in place and the staff is also slated to remain as is.
Source: Billboard