Peace, Music, Art, & New Investors
After several weeks of uncertainty, Woodstock 50 plans to go on as intended. Founded in 1969, Woodstock is a 3-day festival focusing on peace, music, and art. Woodstock hopes to celebrate its 50th anniversary, August 16-18, 2019, in Watkins Glen, NY, as scheduled.
Former financial partner, Dentsu Aegis Network, claims that the festival would be canceled and abruptly pulled its financial support. Festival organizers won a court hearing in New York against Dentsu on May 15th. Justice Barry Ostrager ruled that Dentsu is subject to pay back $18.5 million to Woodstock. Following this victory, Michael Lang, Woodstock’s co-founder, announces partnership with new investors, Oppenheimer & Co.
“We are thrilled to be onboard for this incredible weekend of music and social engagement,” said John Tonelli, head of Debt Capital Markets & Syndication at Oppenheimer & Co. Inc. “We believe in Woodstock as an important American cultural icon and look forward to its regeneration in the green fields of Watkins Glen this August with all of the artists on the remarkable lineup.”
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In a recent radio interview, Michael Lang and his partner, Greg Peck, emphasized plans to continue with the festival. According to the interview, online tickets will be available once all necessary preparations are met. They also mentioned that all “the artists have been paid 100%.”
Amidst a new investor, the outlook of the festival is still up in the air. Lang and Peck must secure major city permits prior to releasing ticket sales. Regardless of having confirmed artists, attendees wonder if the event will still happen.
Woodstock promises some notable artists such as Jay-Z, Miley Cyrus, The Lumineers, Chance The Rapper, Halsey, and more. 50 years ago, the first Woodstock in 1969 faced similar challenges upon festival preparation. Woodstock managed to still happen. Let’s hope to see that they can pull through with Woodstock 50.
