Live Nation has acquired Voodoo Music + Arts Experience.
The Voodoo Music + Arts Experience is happening in a few days (November 1-3), but this time, Live Nation is somehow paying the tab. According to details confirmed ahead of the weekend, Live Nation purchased a controlling interest in the festival, despite continued debt, ongoing financial issues, and considerable corporate bloat. Voodoo’s founder, Stephen Rehage, sold a reported 51% in the festival.
Rehage also gets to join Live Nation as president of North American festivals, where he will oversee Sasquatch (and in classic Live Nation style, probably enjoy a lavish salary). As part of the announcement, Rehage noted that his outlook on festivals aligns with his creation’s new owner, and he is looking “to grow the Live Nation festival roster over the coming years.”
All of that is part of an EDM gold rush spurred by SFX Entertainment, with Live Nation overspending to stay in the game. All of which is fantastic news if you’re sitting on a hot EDM property, or anything close to it.