Live Nation Entertainment has acquired controlling stake in Bonnaroo Music & Arts Festival, the annual music event founded in Manchester, Tennessee in 2002.

Live Nation has purchased the stake for an undisclosed fee after striking a deal with founding Bonnaroo partners, Superfly and AC Entertainment.

“The addition of Bonnaroo builds on Live Nation Entertainment’s world leading festival portfolio of over 60 marquee festivals such as: Austin City Limits Music Festival, Lollapalooza, Reading, Leeds, T in the Park, Electric Daisy Carnival, Rock Werchter, and Watershed Music Festival to name a few,” said Michael Rapino , Live Nation CEO and president.

“We continue to expand the industry’s most unparalleled and scalable festival platform all while driving strong revenue and growth for Live Nation on a global basis. Bonnaroo is another crown jewel in this festival channel strategy, one that appeals to both fans and artists in uniqueness and experience.”

“We are strengthening our commitment to create the best possible experience at Bonnaroo,” said Rick Farman , co-founder, Superfly.

“Through this partnership with Live Nation, we’re even more empowered to enhance the festival while preserving the integrity of the event that we’ve thoughtfully built over the past 14 years.”

“Partnering with Live Nation is a milestone for Bonnaroo. It opens up tremendous opportunities for us to continue to evolve the Bonnaroo experience in an exciting, powerful way,” said Ashley Capps , founder, AC Entertainment.

Additionally, Live Nation now also owns a share of the Bonnaroo property, Great Stage Park, also known as “the Farm.”

Live Nation has pledged ‘significant investment’ in the site and ‘enhancements to the festival experience’.

Superfly and AC Entertainment will continue to plan and execute the day-to-day operations of the festival. Bonnaroo’s non-profit arm, the Bonnaroo Works Fund, will continue to be a priority. [Music Business Worldwide]