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Updated: Live Nation acquires Governors Ball

The live events giant continues its festival shopping spree with the acquisition of a majority stake in New York's Founders Entertainment

By IQ on 12 Apr 2016

Governors Ball Music Festival 2014, Brad Frost

image © Brad Frost

Update: The New York Times reports that Live Nation completed its purchase of Founders Entertainment on Friday.

 


Live Nation is reportedly on the verge of acquiring a majority stake in Governors Ball promoter Founders Entertainment.

According to Billboard, the live events giant is in “final stages of closing a deal” with New York-based independent Founders.

Governors Ball, the first major music festival in New York, will take place for the sixth time this year with a line-up featuring The Strokes, Kanye West, The Killers, Beck, M83 and Haim. Last year’s event drew roughly 150,000 people to Randalls Island in Manhattan.

The deal comes in the wake of AEG Live announcing plans for its own festival on Randalls Island, Panorama

Founders has worked with Live Nation before: the two companies partnered for country festival FarmBorough, which lasted just one year.

The deal would be the latest in a string of festival purchases by Live Nation that includes Lollapalooza, Austin City Limits, Bonnaroo and Electric Daisy Carnival.

It also comes in the wake of Goldenvoice, owned by Live Nation archrival AEG Live, announcing plans for its own festival on Randalls Island, to be called Panorama. In January, Founders Entertainment’s Tom Russell called the move “short-sighted and disappointing”, telling Billboard: “Scheduling two same-genre festivals on top of each other like this makes it difficult for either to provide the maximum benefit to its fans, its neighbours and taxpayers.”