Live Nation today acquired Cream Holdings Limited, a pillar of the EDM entertainment scene, which also gives Live Nation the exclusive rights to Creamfields Festivals, which have been held all over the world since the company's launch in 1998.

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As part of the acquisition, Cream founder/CEO James Barton will take up an executive position at Live Nation, becoming the company's new president, Live Nation Electronic Music, and will be working to expand the company's reach in the EDM scene around the world.

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Cream has an extensive track record booking some of the biggest names in dance music, including David Guetta, Skrillex, Tiësto, Swedish House Mafia and deadmau5, while Creamfields Festivals have seen headliners such as Afrojack, LCD Soundsystem, Paul van Dyk, and Calvin Harris.

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"We are committed to being a leader in electronic music and as one of the most recognizable brands in the electronic community, Cream is at the forefront of the mainstream youth culture today. With this acquisition, Live Nation further establishes its position in electronic music and expands its concert platform," said Live Nation president/CEO Michael Rapino in a statement. "We intend to launch new festivals in key markets in North America, Europe, and Southeast Asia."

Creamfields is expecting more than 350,000 fans worldwide to attend its festivals this year, with 100,000 alone flocking to Creamfields UK, traditionally held just outside of Liverpool, England.

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"I am delighted to be a part of the Live Nation team and know that the company is the perfect partner," said Barton in a statement. "Our strategies are aligned and through the combined efforts of the Cream and Live Nation teams, we will substantially grow our electronic music offerings across the globe."

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