Live Nation has bought at stake in the Isle of Wight Festival. Isle of Wight County Press.
GLOBAL entertainment company Live Nation has bought a controlling stake in the Isle of Wight Festival.
In an article published today (Friday) by IQ Magazine, festival boss John Giddings — who will continue to run the festival — said the involvement of Live Nation would take the event to the next level.
He said: "After 15 hugely successful and glorious years, we have been looking at how we can elevate and take the Isle of Wight Festival to the next level. This partnership with Live Nation will give us the ability to access the company’s scale and talent pool, bringing more acts and a better experience to the UK."
Following the acquisition through LN-Gaiety — Live Nation's UK joint venture with Denis Desmond’s Gaiety Investments — the live entertainment giant has become the majority shareholder in the festival, IQ has reported, adding it to its portfolio of more than 85 music festivals worldwide.
Mr Desmond told IQ: "John Giddings and the Solo team have developed the Isle of Wight Festival to be one of the most iconic festival brands in the world and it’s fantastic to be able to add it to our growing and diverse portfolio of festivals."