Live Nation buys Creamfields festival for £13m

Promoter Live Nation has acquired Cream Holdings, which operates Creamfields festival, in a bid to expand in the electronic music sector.

Live Nation buys Creamfields for £13m
Live Nation buys Creamfields for £13m

Live Nation, which runs festivals like Download and Reading, purchased the stake in Cream for £13.9m from venture capital company Ingenious Media Active Capital (IMAC). It has appointed James Barton, founder of Cream, as president of Live Nation Electronic Music.

Michael Rapino, chief executive of Live Nation worldwide said: "We are committed to being a leader in electronic music and as one of the most recognisable 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. We intend to launch new festivals in key markets in North America, Europe, and Southeast Asia."

The UK Creamfields festival takes place at Daresbury in Cheshire and expects to welcome 100,000 fans this August.

Cream also runs licensed festivals in countries like Brazil, Austrialia and Abu Dhabi and club nights in the UK and Ibiza. Its events attract acts like Swedish House Mafia, Tiesto, Deadmau5 and Eric Prydz.

Cream was launched in 1998 and made a pre-tax profit of £1.42m in the financial year to 31 January 2012.

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