It’s being reported that Live Nation has acquired a controlling stake in the Isle of Wight Festival.
According to IQ Magazine, the live entertainment giant has become the majority shareholder in the festival, adding it to its portfolio of more than 85 music festivals worldwide.
It’s reported LN-Gaiety – its UK joint venture with Denis Desmond’s Gaiety Investments – has become the majority shareholder.
It is understood, at least 51 per cent of the festival has been sold to Live Nation and organiser John Giddings will continue to run the event.
Speaking to IQ Magazine John said:
“After 15 hugely successful and glorious years, we have been looking at how we can elevate and take the Isle of Wight Festival to the next level.
“This partnership with Live Nation will give us the ability to access the company’s scale and talent pool, bringing more acts and a better experience to the UK.”
*Speaking to Isle of Wight Radio, IQ Magazine News Editor Jon Chapple, said:
“Live Nation is a promoter and one of the biggest agencies in the world. It’s a promoter, it runs agencies.
“It’s been going on a bit of a shopping spree recently. It’s been buying up promoters all over the place.
“John Giddings has agreed to sell a majority stake in the Isle of Wight Festival.
“Live Nation have said John Giddings will remain in place and he will look after it for them rather than for his own company Solo Agency.
“I don’t think much will change, but it could mean bigger headliners and bigger acts on the Isle of Wight.”
Live Nation UK chairman Denis Desmond, told IQ Magazine:
“John Giddings and the Solo team have developed the Isle of Wight Festival to be one of the most iconic festival brands in the world, and it’s fantastic to be able to add it to our growing and diverse portfolio of festivals.”