Back in October, speculation of Live Nation purchasing C3 Presents (the promotion company that puts on Lollapalooza, Austin City Limits, and other events) was emerging. Today, Live Nation has released an official statement saying they've acquired C3. The early speculation included talk of a 51% ownership valued at $250 million; their statement doesn't reveal how much this acquisition was worth.
It looks like their main point was building onto their growing festival portfolio (which includes HARD and Insomniac), with Live Nation president and CEO Michael Rapino saying "[t]he Charlies have proven they are amongst the most successful entrepreneurs in the concert industry. I have long admired what they built and now I look forward to working alongside them as they continue to build a world class festival company." He continues, saying that "[a]dding C3, the leading festival portfolio in North America, to our global portfolio of Insomniac, Festival Republic and Country Nation provides Live Nation with the world's largest festival platform."
It'll be interesting to see what this means for Lollapalooza in 2015. One thing is clear: festival life in the U.S. isn't going anywhere anytime soon.