Superfly and AC Entertainment have sold a controlling interest of their flagship event, Bonnaroo Music and Arts Festival, to Live Nation. Financial details were not disclosed.

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Bonnaroo 2015

The purchase includes a share of Great Stage Park, the property that hosts the annual Manchester, Tenn., festival. Live Nation says it will invest significantly to enhancements to “the Farm,” while Superfly and AC Entertainment continue to handle the day-to-day operations of the festival.  The co-founders of the event are expected to continue the sustainability efforts and involvement with the Manchester community.

“The addition of Bonnaroo builds on Live Nation Entertainment’s world leading festival portfolio of over 60 marquee festivals such as: Austin City Limits Music Festival, Lollapalooza, Reading, Leeds, T in the Park, Electric Daisy Carnival, Rock Werchter, and Watershed Music Festival to name a few,” Live Nation CEO Michael Rapino said in a statement. "We continue to expand the industry's most unparalleled and scalable festival platform all while driving strong revenue and growth for Live Nation on a global basis. Bonnaroo is another crown jewel in this festival channel strategy, one that appeals to both fans and artists in uniqueness and experience.”

Superfly's Rick Farman said: “We are strengthening our commitment to create the best possible experience at Bonnaroo,” said Rick Farman, co-founder, Superfly. “Through this partnership with Live Nation, we’re even more empowered to enhance the festival while preserving the integrity of the event that we’ve thoughtfully built over the past 14 years.”

Ashley Capps, founder of AC Entertainment, added, “Partnering with Live Nation is a milestone for Bonnaroo. It opens up tremendous opportunities for us to continue to evolve the Bonnaroo experience in an exciting, powerful way,” said Ashley Capps, founder, AC Entertainment.

The announcement came at the opening bell; LYV stock remained flat.   A Live Nation spokeswoman told Pollstar it was not commenting on details of the deal