Live Nation buy into another festival
Live Nation have had a busy few months behind the scenes as they have steadily grown their portfolio of festivals and events from all over the world. And, their expansion beyond concerts and stand-up performances shows no signs of abating, as they have just picked up a majority stake in a major American festival.
The BottleRock Napa Valley festival is one of California’s main summer festivals and brings together music, wine, craft brewing and a range of other culinary areas every May. And, it is now majority owned by Live Nation as they have been brought into the company’s portfolio of over 80 global festivals.
The festival, which is set for the 26-28th May this year, will continue under the current leadership of Latitude 38 Entertainment, whose founders: Dave Graham, Justin Dragoo and Jason Scoggins, will be significant shareholders.
Every year, the festival brings in more than 30 local wineries, tens of restaurants and this year they are expecting over 120,000 attendees with Foo Fighters and Maroon 5 headlining.
Live Nation share price over the last year
As of 18 January 2016: 27.80
SOURCE: Yahoo Finance
Jordan Zachary, chief strategy officer of Live Nation Entertainment, said: “The Latitude 38 team has created a festival unique to the Napa Valley that has widespread appeal. BottleRock Napa Valley adds another leading North American festival to our growing and diverse portfolio.”
Dave Graham, CEO of Latitude 38, said: “We couldn’t be happier to partner with Live Nation Entertainment, This move provides an opportunity to tap into Live Nation’s scale and artist talent resources, which will allow us to continue to develop and improve upon the BottleRock experience – combining great music, food and wine, with the best that the Napa Valley has to offer.”
Dominion holds Live Nation in its Global Trends Luxury Fund.
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