AC Entertainment, the company that cofounded Bonnaroo, has been acquired by Live Nation Entertainment, per a report from Billboard.
Live Nation has purchased a majority stake in AC Entertainment, over a year after they did the same with Bonnaroo itself. Though AC Entertainment will still operate under its own banner, the acquisition helps Live Nation expand into the southeast.
Founder and CEO of AC Entertainment Ashley Capps said of the acquisition, “As the saying goes, the only constant is change, and embracing change and pursuing new opportunities have defined AC Entertainment throughout its 25 years.”
Apparently, it was their collaboration on Bonnaroo that led to the two companies merging. Capps said, “As we got to know the Live Nation team better, especially working on Bonnaroo, it became clear that our teams could complement one another very well. It seemed like a great fit for AC, for where we are as a company now and how we expect to grow in the future.”
Addressing whether things would change with the new management, Capps said:
Relationships are key to success in our business, and we plan to continue to operate as we do now. Of course, we didn’t do this deal to continue “business as usual,” but the plan is smart growth from the core business platforms that we have in place. We’ll be able to do more, to be more effective, with the access to the extraordinary relationships, expertise, and resources that Live Nation brings to the table.
With his talk about resources and expertise, it would seem Capps and AC Entertainment are likely looking to pull Bonnaroo out of its sales slump and restore ‘Roo to the forefront of the music festival scene.