May 03, 2013
Live Nation Set To Buy 50% of EDC Creator Insomniac for $50M
Andrew Bayer - It's Going To Be Fine (Original Mix) [Anjunabeats]

Live Nation Entertainment is close to acquiring about 50% of Insomniac Events for $50 million, reports the Wall Street Journal.

The report confirms recent rumors that bidding wars are being waged over the production company responsible for Electronic Daisy Carnival, a dance event that brought 300,000 attendees to Las Vegas last summer.

If the deal is finalized, Insomniac will join LA-based HARD Events and London-based Cream, the producer of the Creamfields festivals around the world, under Live Nation’s ever-expanding portfolio of electronic music event properties.

Live Nation has been competing with SFX Entertainment‘s Robert Sillerman as both powerhouse race to consolidate the dance music industry. WSJ reports that SFX had made a $100 million offer to acquire Insomniac.

While it is unknown how much Insomniac CEO and recently fathered Pasquale Rotella will earn in this deal nor if he plans on continuing in an active capacity at Insomniac, he reminded fans at a conference last summer that “[his] passion is not selling tickets and making money. [He] wants to create an experience.”