Big company buys controlling stake in Bonnaroo music festival

Revelers shower beneath the Fountain during the Bonnaroo Music & Arts Festival on Saturday, June 14, 2014, in Manchester, Tenn.
Revelers shower beneath the Fountain during the Bonnaroo Music & Arts Festival on Saturday, June 14, 2014, in Manchester, Tenn.
photo Guests in the general camping area had to pass through the main gate to enter Centeroo. Bags and pockets were checked and a new radio-frequency identification bracelet was scanned. The RFID bracelets were implemented to prevent ticket conterfeiting. Photo by Barry Courter

NEW YORK - Concert promoter and ticket seller Live Nation said today 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 lineup includes Billy Joel, Kendrick Lamar and Deadmau5. One ticket for the four-day festival costs $360, 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.

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