Features
LN Adds Governors Ball
Live Nation has announced a deal to acquire Founders Entertainment, producer of the Governors Ball Music Festival that takes place on Randall’s Island in New York.
The acquisition sees the annual event join the likes of Lollapalooza, Austin City Limits, Bonnaroo and Electric Daisy Carnival among Live Nation’s growing festival portfolio.
Amplify’s Dave Brooks reported rumors of LN acquiring Founders in March.
The announcement follows news of AEG launching its own Panorama festival, also taking place on Randall’s Island, in late July. Governors Ball is set for June 3-5 with headliners Kanye West, The Strokes, and The Killers.
Founders Entertainment majority partners Jordan Wolowitz and Tom Russell told the New York Times their event could compete independently but acknowledged Live Nation’s resources as essential for long-term growth.
“These events are so high-risk for us that if we were to launch a new event and it were to fail, it would cripple us,” Russell said.
Live Nation CEO Michael Rapino emphasized Founders’ ambitions of expansion.
“I have no doubt that Jordan and Tom will continue to innovate on their vision for Governors Ball and build its brand and reach,” Rapino said in a statement.
“Founders Entertainment has exciting plans in store for the near future, and we have joined forces with the ideal partner to enable our entrepreneurial goals,” Russell and Wolowitz said in a statement.