The Isle of Wight Festival has been acquired by Live Nation Entertainment, according to IQ magazine.
The industry giant has reportedly become the majority shareholder in the Festival, which takes place at Seaclose Park in Newport every June.
The acquisition for an undisclosed sum has been made through LN-Gaiety, Live Nation’s joint venture with Gaiety Investments.
It has been confirmed that John Giddings and his Solo team will continue in a leadership role.
Speaking to IQ Magazine, John has said:
“After 15 hugely successful and glorious years, we have been looking at how we can elevate and take the Isle of Wight Festival to the next level.
“This partnership with Live Nation will give us the ability to access the company’s scale and talent pool, bringing more acts and a better experience to the UK.”
Live Nation UK’s chairman, Denis Desmond has said:
“John Giddings and the Solo team have developed the Isle of Wight Festival to be one of the most iconic festival brands in the world and it’s fantastic to be able to add it to our growing and diverse portfolio of festivals.”
This year’s Isle of Wight Festival takes place between 8th-11th June.
