Live Nation Adds To Festival Portfolio With C3 Purchase

The third largest concert promoter in the U.S. has completed a deal to sell a majority stake to the world's largest concert promoter, Live Nation. Based out of Austin, C3 presents produces of the most recognized festivals including Lollapalooza and Austin City Limits Music Festival, as well as promoting over 1,700 concerts and events annually.

"Adding 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," says Michael Rapino, president and chief executive officer, Live Nation Entertainment.

The deal is estimated to be in the region of $125 million for a 51% stake in C3.