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The New York Times reported that Live Nation Entertainment, Inc (NYSE: LYV), the largest operator of live events, acquired a majority stake in Founders Entertainment, the parent company of Governors Ball Music Festival (commonly known as just Governors Ball).
The Governors Ball is a multi-day music festival held in New York City. Last year's event featured artists including Kanye West, the Killers and the Strokes.
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Live Nation boasts Lollapalooza, Electric Daisy Carnival and Bonnaroo in its portfolio of major events.
Michael Rapino, Live Nation's chief executive said the high risks of starting new festivals makes it more attractive to simply acquire proven entities. In fact, the company controls or operates four of the top five pop festivals across North America and 13 of the top 25 festivals globally.
"Our goal is to continue to be a global consolidator of the live music business," Mr. Rapino told The New York Times. "There are still a ton of great festivals, in a ton of markets, in a ton of cities that we would love to continue to build our portfolio on."
Shares of Live Nation Entertainment were trading lower by around 0.20 percent Monday afternoon.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.