Live Nation Buys A Major Stake In V Festival

LONDON (CelebrityAccess MediaWire) — Live Nation-Gaiety has acquired a majority stake in the UK fest V Festival alongside founders Denis Desmond, Simon Moran and Bob Angus, who will all remain significant shareholders..

Under the agreement, Desmond, owner of Gaiety Investments, has transferred his V Festival stake to LN- Gaiety. The joint venture formed in 2004 to operate music businesses and live events such as Academy Music Group and DF Concerts. Moran and Angus have also sold part of their holdings to LN-Gaiety. Financial terms of the transaction have not been disclosed.

The V Festival, sponsored by Virgin Media, is staged simultaneously at Weston Park, Staffordshire, and Hylands Park, Essex in the U.K. during August and the two events drew more than 170,000 fans in 2013. Recent headliners for the event include Beyoncé, The Stone Roses, Kings of Leon, Eminem, Arctic Monkeys and The Killers. – Staff Writers