Just months after it was confirmed that C3 Presents, the Austin-based promoter of the world-famous Lollapalooza music festival, had become the new owner of the Big Day Out, it seems Australia’s most iconic music festival has once again changed hands.

According to the Austin Business Journal, touring giant Live Nation Entertainment have officially concluded their acquisition of a majority stake in C3 Presents. While details are scant, a joint statement confirmed Live Nation Entertainment would now own a controlling stake of 51 percent in C3 Presents.

“We are excited to join Live Nation and become a part of their global family, while continuing to grow our festivals within a culture of entrepreneurship that will empower our team to keep improving these festivals and the fan experience,” said C3 partners Charles Attal, Charlie Walker, and Charlie Jones.

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C3 Presents boast a portfolio that in addition to the Big Day Out, also includes Lollapalooza and its offshoot festivals in South America, Austin City Limits, and Metallica’s Orion Music. C3 also help promote and produce some 1,700 concert events across North America.

The company came into ownership of the Big Day Out following one of the toughest financial periods in the beloved festival’s history, acquiring the event after Soundwave founder AJ Maddah sold his 50 percent stake in the festival to the Austin-based promoter.

Shortly after acquiring the festival, C3 confirmed that there would not be a Big Day Out in 2015, however, the promoter insisted that they intended to bring the festival back “in future years”, with Maddah later reiterating similar sentiments.

The outspoken Soundwave promoter said the festival would return as “Big Day Out Version 2” in 2016, with plans already underway for the event’s comeback. Maddah, who claimed to have sold his shares to C3 for just $1, said he has the “option” to buy them back at a later date, provided he contributes extra capital.

However, with C3 now a member of the Live Nation Entertainment family, it’s unclear just what involvement Maddah will have with the festival or what the Big Day Out’s new owners have planned for the future of one of Australia’s most well-known music festival brands.

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Furthermore, festival co-founder Ken West, opposed such a deal taking place during a 2011 interview with the New Zealand Herald, saying, “Keeping it out of the Live Nations and the big stock market companies that like to gobble up these kinds of things is one of the hardest things for independent promoters to do.”

The recent deal, which comes at the tail-end of a year-long negotiation cycle, endows Live Nation with the largest festival platform in the world, boasting over 65 festivals. Other recent acquisitions have included several EDM outlets, including HARD, Insomniac, and Cream.

According to sources for The New York Times, via Consequence of Sound, Live Nation estimated C3 to be worth somewhere near $250 million, making the actual ownership stake worth $125 million. The acquisition has already proved a boon for Live Nation. When final negotiations began back in October, Live Nation’s stock rose from $22 a share to $26 a share.

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