LOS ANGELES, May 9, 2012 /PRNewswire/ -- Live Nation Entertainment, Inc. (NYSE: LYV) today announced the acquisition of Cream Holdings Limited, a leader in electronic music entertainment and owner of the exclusive rights to the Creamfields Music Festivals. Since its launch in 1998, Cream has grown to organize sell-out artist tours, nine Creamfields Festivals and internationally renowned DJ club events.
"We are committed to being a leader in electronic music and as one of the most recognizable brands in the electronic community, Cream is at the forefront of the mainstream youth culture today. With this acquisition, Live Nation further establishes its position in electronic music and expands its concert platform," said Michael Rapino, President and Chief Executive Officer of Live Nation. "We intend to launch new festivals in key markets in North America, Europe, and Southeast Asia."
"We're equally excited to announce that James Barton, the founder of Cream, one of the most talented and experienced executives in electronic music, has agreed to join the Live Nation Entertainment team as President, Live Nation Electronic Music to lead the company's expansion efforts in this rapidly growing space. James is a true pioneer in the electronic dance space," Rapino added.
"I am delighted to be a part of the Live Nation team and know that the company is the perfect partner. Our strategies are aligned and through the combined efforts of the Cream and Live Nation teams, we will substantially grow our electronic music offerings across the globe," said James Barton, Chief Executive Officer of Cream Holdings Limited.
As an electronic music leader, Cream has booked international superstars including David Guetta, Swedish House Mafia, Tiesto, deadmau5, Paul Van Dyk, Skrillex and Eric Prydz.
In 2012, Cream plans on attracting over 350,000 fans to its festivals around the world, including over 100,000 at its Creamfields UK festival alone. Each year fans flock to Creamfields outdoor music festivals so that they can revel in the energy of the DJs and live electronic music. Not only is Creamfields known as one of the world's largest and most recognized events, but also as the Festival of the Year for 2010 at the Music Week Awards and has won Best Dance Event of the Year in 2005, 2006, 2009, 2010 and 2011.
About Live Nation Entertainment:
Live Nation Entertainment is the world's leading live entertainment and ecommerce company, comprised of four market leaders: Ticketmaster.com, Live Nation Concerts, Front Line Management Group and Live Nation Network. Ticketmaster.com is the global event ticketing leader and one of the world's top five ecommerce sites, with almost 27 million monthly unique visitors. Live Nation Concerts produces over 22,000 shows annually for more than 2,300 artists globally. Front Line is the world's top artist management company, representing over 250 artists. These businesses power Live Nation Network, the leading provider of entertainment marketing solutions, enabling nearly 800 advertisers to tap into the 200 million consumers Live Nation delivers annually through its live event and digital platforms. For additional information, visit www.livenation.com/investors.
SOURCE Live Nation Entertainment