Entertainment giant Live Nation has increased its portfolio of music festivals by buying a controlling stake in Bonnaroo, one of the largest in the country.

The concert promoter and ticket seller, headquartered in Beverly Hills, did not disclose how much it paid for the annual four-day event, which attracts 85,000 each June to a 700-acre farm in Manchester, Tenn.

With the deal, Live Nation now controls more than 60 major music festivals around the world, including Lollapalooza, T in the Park and Austin City Limits, which together draw an audience of nearly 5 million fans.

“Bonnaroo is another crown jewel in this festival strategy,” said Michael Rapino, chief executive of Live Nation Entertainment, in a statement. His company’s partnership with Bonnaroo’s founding partners, Tennessee promoters AC Entertainment and New York entertainment company Superfly, also gives Live Nation a share of the property where the event takes place. Significant investment in the site and enhancements of the 13-year-old festival are planned under the new agreement.

AC Entertainment founder Ashley Capps called the deal “a milestone for Bonnaroo,” in a statement. Rick Farman, Superfly’s co-founder, added, “Through this partnership, we’re even more empowered to enhance the festival.”

Live Nation, comprised of Ticketmaster, Live Nation Concerts, Live Nation Media & Sponsorship and Artist Nation Management, closed down less than a point in Tuesday trading, ending the day at $25.51.

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