Live Nation Entertainment Inc. on Wednesday announced the acquisition of Cream Holdings Ltd., a British promoter of live electronic music events.
The Beverly Hills concert promoter and ticketing service did not disclose financial terms of the deal, but said that the acquisition would expand its concert platform. Privately held Cream Holdings of Liverpool has been in business since 1998, and is best known for its Creamfields Festivals as well artist tours and DJ club events.
Live Nation said it plans to launch electronic music festivals in key markets in North America, Europe, and Southeast Asia. Cream founder James Barton will join Live Nation Entertainment with the title of president.
“We are committed to being a leader in electronic music, and as one of the most recognizable brands in the electronic community, Cream is at the forefront of the mainstream youth culture today,” said Chief Executive Michael Rapino in a statement. “James is a true pioneer in the electronic dance space.”
Live Nation shares were down 6 cents, or less than 1 percent, to $8.15 on the New York Stock Exchange.