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(FILES) In this June 15, 2007 file photo shows the crowd at the Bonnaroo Music and Arts Festival in Manchester, Tennessee. Entertainment giant Live Nation said April 28, 2015 it was buying a controlling stake in Bonnaroo, one of the most influential US music festivals, in the latest consolidation in the booming industry. The addition cements Live Nation Entertainment's status as a leading festival company with its portfolio already including Lollapalooza in Chicago and the Reading and Leeds festivals in Britain. The Bonnaroo Music and Arts Festival, established in 2002 in rural Tennessee, is known for its selection of indie rock and Americana artists as well as its round-the-clock films and laid-back camping atmosphere. AFP PHOTO / FILES / JEFF GENTNER / GETTY IMAGES Image Credit: AFP

Concert promoter and ticket seller Live Nation said on Tuesday that it bought a controlling stake in annual music festival Bonnaroo.

The purchase will boost Live Nation’s portfolio of music festivals, which attract hundreds of thousands of people paying hefty ticket prices. Late last year, it bought a controlling stake in music festival Lollapalooza.

Bonnaroo takes place every June in Manchester, Tennessee, and attracts about 85,000 people. This year’s line-up includes Billy Joel, Kendrick Lamar and Deadmau5. One ticket for the four-day festival costs $360 (Dh1,322), according to its website. Live Nation did not disclose how much it paid for the stake in Bonnaroo.

Superfly and AC Entertainment, which founded Bonnarroo 13 years ago, will continue to run its day-to-day operations.

Live Nation Entertainment Inc, based in Beverly Hills, California, owns ticket seller Ticketmaster and has stakes in several music festivals, including Austin City Limits Music Festival and Electric Daisy Carnival.