Concert and ticketing giant Live Nation Entertainment Inc. is nearing a deal to acquire a stake in the events company that puts on the Electric Daisy Carnival dance music festival, a person with knowledge of the matter confirmed.
Beverly Hills-based Live Nation would purchase a roughly 50% interest in Insomniac Events. The Los Angeles company produces electronic dance music concerts at venues across Southern California and elsewhere. The Wall Street Journal, which first reported news of the pending sale, said Live Nation is paying $50 million for the stake in Insomniac.
Both Live Nation and SFX Entertainment had previously been mentioned as potential bidders for the electronic music events powerhouse. A 2010 iteration of the Electric Daisy Carnival rave drew as many 200,000 to the Los Angeles Memorial Coliseum.
Electronic dance music has only grown in popularity since then. A 2012 Electric Daisy rave in Las Vegas hosted more than 300,000 people.