C3 Inks Lolla Extension Deal

Promoter C3 Presents is sticking around Chicago for a while.

C3 has signed an extension agreement with the Chicago Park District and Parkways Foundation to continue bringing the annual three-day Lollapalooza festival to the city’s Grant Park for the next 10 years, according to the Chicago Sun-Times.

Parkways will receive the greater of an annual guarantee or 10.25 percent of the festival’s gross revenue, plus 8.5 percent of Lolla’s sponsorship revenue, according to a park district statement. The agreement is expected to generate roughly $12.3 million for the city’s parks.

If Chicago is the winning bidder for the 2016 Summer Olympic Games, Lollapalooza will skip a year, returning in 2017.