Live Nation has acquired a stake in South America's largest festival Rock in Rio. The concert promotion giant Live Nation structured the deal to purchase stakes from both the festival’s founding partners, and the creditor committee for previous owner SFX, which is now LiveStyle.
Rock in Rio is considered one of the largest festivals in the world and its annual September festival over two weekends in Brazil is considered one of the biggest concerts in South America, attended by 700,000 fans from 62 different countries.
Rock in Rio also stages evens in Lisbon, Portugal and was founded in 1985. Held every other year, the event has played host to 1,700 artists and been attended by 9 million fans. In 2013, SFX CEO Bob Sillerman led an acquisition of 50 percent of the festival for $62.3 million. Less than two years later, SFX filed for bankruptcy and the company that emerged from the debt reorganization, LiveStyle, retained ownership of half of Rock in Rio.