Live Nation buys yet another iconic event
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Live Nation buys yet another iconic event

Luxury event ticket seller Live Nation has been expanding rapidly by getting its hands on some of the biggest festivals in the world. But this time, it’s outdone itself. The company’s latest deal, concluded earlier this month, will see it become the majority shareholder in the legendary Isle of White Festival.

Live Nation’s share price has risen by 30% over the last 12 months

live nation 12m gph

SOURCE: Yahoo Finance

To get a handle on just how iconic the Isle of White Festival really is, you only need to glance at a (partial) list of former acts: Jimi Hendrix, Bob Dylan, The Doors, Joni Mitchell, The Rolling Stones, David Bowie, Muse, The Foo Fighters, Bruce Springsteen, Paul McCartney, Pearl Jam, Jay Z, The Sex Pistols, Coldplay, The Police… and the list goes on.

Live Nation is an experienced rock festival owner (amongst many other things), already holding the Reading and Leeds festivals in its 85-strong portfolio. The company will partner with the Isle of White Festival reviver (the festival took a 30-year hiatus before returning in 2002), John Giddings, and his company Solo Music Agency. Giddings said that working with Live Nation will “give us the ability to access the company’s scale and talent pool, bringing more acts and a better experience to the UK.”

Denis Desmond, chairman of Live Nation UK, made the following statement:

"John Giddings and the Solo team have developed the Isle of Wight Festival to be one of the most iconic festival brands in the world and it's fantastic to be able to add it to our growing and diverse portfolio of festivals."

Disclosure

Dominion holds Live Nation in its Global Trends Luxury Fund.


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The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.