Live Nation is in negotiations to purchase 51 percent of the concerts and festival business of Austin-based independent promoter C3 Presents for about $125 million, Billboard has learned. Both C3 and Live Nation declined to comment for this story.
C3 Presents -- the Austin-based promoter behind the just-ended Austin City Limits Music Festival; Lollapalooza festivals in Chicago, Chile, Argentina and Brazil (in which Perry Farrell and William Morris Endeavor Entertainment are partners); Orion in Atlantic City, N.J.; Counterpoint in Rome, Ga.; LouFest in St. Louis; Wanderlust; and the Big Day Out festivals in Australia -- is the country's largest indie in the space. The status of C3's management division and ticketing division, Front Gate Ticketing, in this deal is unclear. C3 also owns a stake in the PR firm Fresh & Clean Media and Austin venues including Stubb's and La Zona Rosa. C3 investors include Red Light Management founder Coran Capshaw and Raine.