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Live Nation buys a slice of Cream

By | Published on Thursday 10 May 2012

Live Nation

Live music major Live Nation has acquired a slice of Cream Holdings Limited, the company behind the Creamfields festivals and other Cream-branded clubbing and dance music ventures.

Live Nation has bought the stake in the clubbing firm previously owned by entertainment investment outfit Ingenious, which recently announced that its involvement in growing the profitable company had reached completion.

The deal is also Live Nation’s latest move into the dance and electronic music space, and as part of the transaction Cream chief James Barton will become President of Electronic Music for the company. The live firm seemingly has ambitions to grow the Cream brand, and especially the Creamfields festival operation, in North America, Europe and Southeast Asia.

The festival has already enjoyed some success with spin-offs and franchises in various corners of the world other than the North West of England, but it will be interesting to see to what extent the Live Nation alliance will step that up.

Confirming his company had bought a stake in Cream, Live Nation boss Michael Rapino told reporters: “We are committed to being a leader in electronic music and as one of the most recognisable brands in the electronic community, Cream is at the forefront of the mainstream youth culture today”.

Barton, meanwhile, added: “I am delighted to be a part of the Live Nation team and know that the company is the perfect partner. Our strategies are aligned and through the combined efforts of the Cream and Live Nation teams, we will substantially grow our electronic music offerings across the globe”.