BEVERLY HILLS, Calif. (CelebrityAccess) Live Nation has acquired a controlling stake in Rock in Rio, the legendary festival operating biennial events in Rio de Janeiro, Brazil, and Lisbon Portugal.
Rock in Rio was the second-highest grossing festival in the world last year with more than 700,000 fans from 62 different countries.
IQ magazine noted that Rock in Rio was formerly 40 percent owned by LiveStyle (aka the descendant of SFX Entertainment). A Live Nation representative told the magazine it acquired its stake from both the festival's founding partners and the creditor committee for SFX, which filed for bankruptcy protection in 2016. The mag also noted that the purchase comes nine months after Live Nation opened its Brazil office.
Rock in Rio began in 1985, and has hosted 18 editions with over 1,700 artists and 9 million attendees and engaging more than 11 million followers on social media. The festival has also been live broadcasted and streamed to more than 1 billion viewers worldwide. Over the years, Rock in Rio's headlining acts have included iconic artists like Queen, Prince, Guns N' Roses, Sting, Neil Young, Red Hot Chili Peppers, Iron Maiden, Rihanna, Elton John, Metallica, Stevie Wonder, Shakira, Coldplay, Beyoncé, David Guetta, Bruce Springsteen, Bon Jovi, Justin Timberlake, Paul McCartney, Britney Spears, Roger Waters, the Rolling Stones and many more.
Medina and his team will remain key stakeholders of Rock in Rio, continuing to manage all aspects of production as well as consulting across the business.