Dentsu Aegis Network, the media company that is a big investor in Woodstock 50, was accused by Michael Lang of embezzling from the music festival funds according to Spin News. Lang, the co-founder of the Woodstock festival, claimed that Dentsu embezzled upwards of 17 million dollars when he sent a letter to Dentsu on April 29th laying out this claim along with others. Dentsu also announced on April 29th that Woodstock 50 was cancelled and asserted that the festival was not ready to put on an event “worthy” of the Woodstock name. This news has come after the recent cutting of ties between Woodstock 50 and its production partner Superfly.
Additionally, Lang also made the accusation that Dentsu was encouraging Woodstock 50 talent and vendors to ditch the festival and instead perform at the 2020 Tokyo Summer Olympics, an event that Dentsu is apart of. According to Lang, this was done in an attempt to sabotage Woodstock 50.
A representative from Dentsu acknowledged Lang’s claims in a statement to Variety . They stated that due to Dentsu’s status as a financial partner to Woodstock 50, Dentsu has the right to protect their own financial investments. The representative went on to explain that after they made the decision to cancel the event they recovered the funds from the Woodstock 50 bank account that they originally invested in as a financial partner. Dentsu also made the claim that they have not obtained a mass gathering permit, which will prevent the sale of tickets for the event.
Consequently, Lang is still adamant about Woodstock 50 still being on between August 16th to August 18th despite what investors have to say. Dentsu has denied all claims Lang has made. We’ll see what happens in the coming days between now and when Woodstock 50 is set to take place.