Live Nation Entertainment Expands Festival Portfolio With C3 Presents

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- Addition of Lollapalooza and Austin City Limits to Festival Portfolio -

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Dec 19, 2014, 03:15 ET

LOS ANGELES and AUSTIN, Texas, Dec 19, 2014 /PRNewswire/ -- Live Nation Entertainment (NYSE: LYV) announced today the completion of a transaction to acquire a controlling stake in C3 Presents. C3, led by the management team of Charles Attal, Charlie Jones and Charlie Walker, is one of the largest concert promoters in North America, owning and operating Austin City Limits Music Festival, producing Lollapalooza, and promoting over 1,700 additional concerts and events annually, as well as creating a growing portfolio of emerging music and lifestyle festivals. In recent years, Lollapalooza has become one of the most successful global festival brands, with festivals in Berlin, Buenos Aires, Santiago and Sao Paulo, along with its iconic Chicago event.

"The Charlies have proven they are amongst the most successful entrepreneurs in the concert industry. I have long admired what they built and now I look forward to working alongside them as they continue to build a world class festival company," said Michael Rapino, president and chief executive officer, Live Nation Entertainment. "Adding C3, the leading festival portfolio in North America, to our global portfolio of Insomniac, Festival Republic and Country Nation provides Live Nation with the world's largest festival platform."

Attal, Jones and Walker added, "We are excited to join Live Nation and become a part of their global family, while continuing to grow our festivals within a culture of entrepreneurship that will empower our team to keep improving these festivals and the fan experience."

C3 Presents books and promotes more than 1,700 annual events and is the curator of several world renowned festivals including Lollapalooza and Austin City Limits, both among the top five festivals in North America. C3 Presents combined with Festival Republic, Live Nation's festival and event promoter in Europe, now gives Live Nation Entertainment the largest festival platform in the world with over 65 festivals.

C3 relaunched Lollapalooza in 2005, and now attracts more than 700 thousand attendees each year globally. Austin City Limits has doubled its attendance since 2012, with over 450 thousand attendees in 2014. Led by Attal, Jones, and Walker, the Austin-based C3 Presents team will continue to manage and build Lollapalooza, Austin City Limits and their other events on behalf of Live Nation.

LionTree Advisors advised Live Nation and The Raine Group, which invested in C3 in 2012, advised the Company on the transaction.

About Live Nation Entertainment

Live Nation Entertainment (NYSE: LYV) is the world's leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, Live Nation Media & Sponsorship and Artist Nation Management. For additional information, visit www.livenationentertainment.com.

About C3 Presents

C3 Presents creates, books, markets and produces live experiences, concerts, and private events. C3 is the force behind Austin City Limits Music Festival in Austin, Texas and Lollapalooza in Chicago, as well as Lollapalooza Argentina, Lollapalooza Berlin, Lollapalooza Brazil and Lollapalooza Chile. Other events in the C3 portfolio include the Austin FOOD & WINE Festival, LouFest Music Festival, Music City Food & Wine Festival, Wanderlust Yoga & Music Festival and more. C3 also books and promotes more than 1,000 concerts in arenas, theaters, casinos, and clubs across the US annually, making it the third-largest promoter in the country. For more information, visit: www.c3presents.com

* Subject to the receipt of all regulatory approvals and customary closing conditions.

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SOURCE Live Nation Entertainment