According to a report in the New York Times, ticketing giant Live Nation is in talks to buy a majority share in the nation’s largest independent promoters, Austin-based C3 Presents. C3 is responsible for a bevy of popular festivals, including all international incantations of Lollapalooza, Austin City Limits, and over 800 concerts annually.
The 51% stake in C3 is valued at approximately $250 million, according to the Times article. Negotiations have been underway for several months, but it is still not completed.
C3 is run by three friends, all of whom are named Charles or Charlie. In addition to promoting, C3 is also an established management and booking company. Meanwhile, acquisition of C3 means that Live Nation would able to expand their already-expansive festival listings, since the company has already purchased Insomniac, Cream, and Hard – three of the largest electronic concert/festival promoters.
The two companies do have strong ties, as one of the C3 owners, Charlie Walker, was a former Live Nation executive. We’re certainly interested to see how this acquisition affects those major festivals and the local concerts organized by C3.