AEG says the festival will go on hiatus and focus on finding a permanent home at Flushing Meadows.
The AEG and Goldenvoice-backed Panorama Music Festival will not return in 2019, ending weeks of speculation about the three-year-old New York City festival on Randall's Island.
There is still hope Panorama could return in 2020 at Flushing Meadows, with AEG releasing a statement that the company plans to "continue discussions with NYC Parks to bring the festival to Flushing Meadows Corona Park in Queens, where it was originally envisioned."
Partially booked and envisioned by Coachella co-founder Paul Tollett, Panorama Festival was supposed to take place in Queens on the site of the 1939 World Fair, taking its name from the park's giant scale model of the city while borrowing Flushing Meadows' iconic Unisphere for the festival's website. But soon after word began to spread that AEG was planting its festival flag in New York, the organizers of Governors Ball protested the festival's timing, which had been scheduled just two weeks after their event. It was later revealed that AEG had been in talks to buy Governors Ball from Founders Entertainment and that talks had eventually collapsed with AEG deciding to enter the New York festival space on its own.