Live Nation purchases stake in Insomniac Events

It’s been fairly obvious for some time now, with the announcement of a EDC London, the presence of a HARD branded stage at EDC Las Vegas, and various other recent signals, but it seems the wedding between LA-based Insomniac Events and Live Nation is on the verge of being made official.

Kudos to Pasquale Rotella for doing things his way and getting to this point, and here’s hoping this only means bigger and better things for the famed events put on by Insomniac around the globe.

Via the LA Times:

Concert and ticketing giant Live Nation Entertainment Inc. is nearing a deal to acquire a stake in the events company that puts on the Electric Daisy Carnival dance music festival, a person with knowledge of the matter confirmed.

Beverly Hills-based Live Nation would purchase a roughly 50% interest in Insomniac Events. The Los Angeles company produces electronic dance music concerts at venues across Southern California and elsewhere. The Wall Street Journal, which first reported news of the pending sale, said Live Nation is paying $50 million for the stake in Insomniac.