Live Nation To Acquire C3?

Live Nation is in what are characterized as “advanced talks” for a majority stake in C3 Presents, the largest U.S. independent concert promoter whose portfolio includes the Austin City Limits and Lollapalooza festivals.

The Oct. 6 New York Times report, published on the heels of the conclusion of the first weekend of ACL, says the prospective deal has been in the works “for months but still not completed.” It claims that once completed, Live Nation would own a 51 percent stake in C3 Presents, which it values at about $250 million.

Spokeswomen for Live Nation and C3 Presents did not respond immediately to email requests for comment at press time.

C3 Presents, founded in 2007 in Austin, Texas, has grown rapidly. It sold more than 2.03 million tickets last year between its festivals, venues and casino bookings.

Live Nation is clearly in an acquisition mood, as promised by execs during the company’s last earnings call, particularly in the festival space.

Acquiring C3 would add two of the nation’s best-known, destination festivals to a portfolio that already includes EDM festival giants Insomniac, Hard Events and Cream.