Live Nation buys stake in Bonnaroo music festival

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.