It has become apparent that Insomniac, the creators of Electric Daisy Carnival, Nocturnal Festival, Beyond Wonderland, and a whole host of other festival brands and club nights, are apparently accepting bids to be bought out by Live Nation and SFX. At this point only Elektro and EDMSnob have weighed in on the situation via Twitter... @elektro Unconfirmed sources are telling us that @PasqualeRotella is in middle of selling @insomniacevents to robert sillermans SFX for $100 Million @EDMsnob The bottom line: @PasqualeRotella has bids from LiveNation and SFX. Hell sell Insomniac to whoever he feels is best, which might be no one. While it seems that these are only unconfirmed rumors at the moment, it is highly likely that this is indeed the case. Considering the background of SFX of building Live Nation and then later selling to Clear Channel, and its recent history of buying out Disco Donnie (now Disco Donnie Presents), purchasing the outdoor paint mega-event DayGlow (now Life in Color), and acquiring The Opium Group (managing group behind Miami Clubs Mansion, SET, Cameo, and Mokai Lounge), buying Insomniac is really a no-brainer for Mr. Robert F. X. Sillerman - the master mind and one with the billion dollar wallet. In regards to Live Nation, they are on the same tear out. Live Nation recently purchased Los Angeles-based HARD Events and Cream Holdings Limited (behind Creamfields Festivals), getting buddy-buddy with Sensation (Dutch-based mega-event which Live Nation assist in entering the US), and is developing a touring EDM festival named Identity Festival. As the saying goes: There is a price for everything. Pasquale Rotella, the figurehead behind the Insomniac brand, has lamented on numerous occasions that the current direction of the scene is no good and has expressed that he is not interested in working with a company that is, or is considering going, public.
Posted on: Sat, 29 Mar 2014 22:44:34 +0000
Trending Topics
Recently Viewed Topics
© 2015