Governors Ball has found a new owner in the form of Live Nation who have officially acquired a majority stake in Founders Entertainment, the company behind the festival giant. A massive addition to the already sparkling roster which include the likes of fan favorite festivals Lollapalooza, Electric Daisy Carnival and Bonnaroo, the sensational development came about late last week.
Moreover if other facts are to be concerned, the deal indeed seems risky with heavy competition coming in from AEG Live, the company that owns Coachella as they announced the inaugural Panorama Festival, which is slated to take place just a few weeks following Governors Ball, and is being dubbed as the ‘East Coast Coachella‘. Reports suggest Tom Russell and Jordan Wolowitz, Founders Entertainment‘s majority partners, feel that Live Nation is the ingredient they need to boost their influence and help them grow and spread across the country.
Russell also stated that:
“These events are so high-risk for us that if we were to launch a new event and it were to fail, it would cripple us. By partnering up with a company that empowers entrepreneurs, [Founder’s would] not have the fear that a new venture would really put us in the street.”
With a cracking lineup having already been announced by the organizers for their 2016 edition, it would be interesting to see how the competition lights up in the coming months. Governors Ball will take place at Randall’s Island in NYC from June 3rd-5th, 2016.
Source: New York Times
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