Live Nation buys owner of Creamfields music fests

LOS ANGELES (AP) – Concert promoter Live Nation Entertainment Inc. said Wednesday that it had acquired Cream Holdings Ltd., a British concert promoter and owner of the Creamfields Music Festivals.

The company didn’t disclose the terms of the deal.

Cream founder James Barton agreed to join Live Nation as its new president of electronic music and to lead the company’s expansion in the area.

Founded in 1998, Cream has organized artist tours, nine Creamfields Festivals in the United Kingdom and club events. It has booked artists including David Guetta, Swedish House Mafia, Tiesto and others.

Live Nation CEO Michael Rapino said the company intends to launch new festivals in key markets in North America, Europe and Southeast Asia.

Live Nation shares were down 9 cents at $8.12 in midday trading Wednesday. They are down 34 percent from their highest close in the past 52 weeks, $12.44 last July, and they’ve traded as low as $7.14 the past year.

http://money.msn.com/business-news/article.aspx?feed=AP&date=20120509&id=15088941

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