Festival Frenzy

C3 Presents acquired by California-based entertainment giant

C3 Presents acquired by California-based entertainment giant

Austin City Limits Festival ACL 2014 Weekend One Day Three Crowd Shot
Live Nation has closed a deal giving it majority ownership of C3 Presents. Photo by Shelley Neuman

Entertainment giant Live Nation now has controlling interest of Austin-based event producer C3 Presents. Live Nation closed a long-anticipated deal reportedly for a 51 percent stake in the company, said the Austin Business Journal on Friday afternoon.

This means that C3 events like Austin City Limits Music Festival and Lollapalooza will now live under the Live Nation umbrella, which operates Ticketmaster.com, Live Nation Concerts, Front Line Management Group and Live Nation Network. 

According to ABJ, C3 Presents partners Charles Attal, Charlie Walker and Charlie Jones released the following statement on Friday: "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."

Financial terms of the deal have not been released.