And the fight for the independent music festivals and promoters continues. Today, sources revealed that the Governor’s Ball Music Festival which takes place at Randalls’ Island in New York City has succumbed to the fate that so many face, being bought out by Live Nation as a majority stakeholder. Earlier this year, AEG Live announced the Panorama festival, also set to take place on Randall’s Island, which was direct competition to both Governor’s Ball and Live Nation’s claim on the New York City festival scene. Panorama seemed to be the perfect storm that served up Founders Entertainment (promoter of GovBall) right into Live Nation’s lap.
The Governors Ball Music Festival Reveals 2016 Lineup
Apparently in the final stages of closing this deal, the acquisition of GovBall by Live Nation would be a major win in the North American market for the largest worldwide entertainment company that is in direct competition with AEG Live, who own the rights to Coachella, Electric Forest, Firefly, New Orleans Jazz & Heritage Festival, and a number of other major festivals.
In an interview earlier this year when discussing partnering up with one of the two major players, Founders Entertainment partner Jordan Wolowitz replied, “We’ve shown that, right now, we don’t need to [partner] — yet. Who knows what the future may bring.” Looks like that future came along pretty, pretty, pretty quickly.
[via Billboard]