Live Nation Entertainment is currently negotiating its acquirement of the majority stake in C3 Presents, a company that produces several major U.S. music festivals.
Hypebot is reporting via the New York Times that two knowledgeable sources have confirmed that the deal would allow Live Nation to acquire a 51% holding in C3 Presents. The latter company is currently valued at around $250 million.
C3 Presents produces Lollapalooza Festival, a brand that has its roots in Chicago, and the Austin City Limits Festival, which is based in Austin, Texas. If the deal goes through, Live Nation would have a bigger reach within the U.S., partially due to these two music festivals. In addition, their international growth would increase, as C3 has brought the Lollapalooza Festival to Chile, Brazil and Argentina in recent years.
That doesn’t mean that festival events are the only thing to be gained from C3 – the entertainment company also handles talent buying for some corporate clients in North America, including including 35 Caesars Entertainment venues nationwide, the Cosmopolitan in Las Vegas and Casino Rama in Ontario, Canada. There is an artist management division to C3 Presents as well.
The aforementioned sources characterized the negotiation as if it may be in the advanced stages of development, which means this deal could take place sooner rather than later. However, neither Live Nation Entertainment nor C3 Presents had official spokespeople willing to comment on the talks.