MUMBAI: Live Nation Entertainment has finally acquired a controlling stake in C3 Presents, one of the largest promoters in North America. The Charles Attal, Charlie Jones and Charlie Walker led company, is a promoter for festivals like Austin City Limits Music Festival and Lollapalooza.

Austin-based C3 Presents promotes over 1,700 additional concerts and events annually and is well known for creating a growing portfolio of emerging music and lifestyle festivals. With the acquisition, promoters will continue to manage and build Lollapalooza, Austin City Limits and their other events on behalf of Live Nation.

The annual festival Lollapalooza has been active for 15 years and has recently become a very successful global festival which attracts 700 thousand attendees annually. It was in 2005 when C3 Presents re-launched Lollapalooza, and is now present in places like Berlin, Buenos Aires, Santiago and Sao Paulo.

In 2014, Austin City Limits attracted over 450 thousand attendees which have doubled since 2012.

Live Nation Entertainment president and chief executive officer Michael Rapino said, “Adding C3, the leading festival portfolio in North America, to our global portfolio of Insomniac, Festival Republic and Country Nation provides Live Nation with the world's largest festival platform."

Attal, Jones and Walker issued a joint statement that said, "We are excited to join Live Nation and become a part of their global family, while continuing to grow our festivals within a culture of entrepreneurship that will empower our team to keep improving these festivals and the fan experience."

C3 Presents combined with Festival Republic, Live Nation's festival and event promoter in Europe, now gives Live Nation Entertainment the largest festival platform in the world with over 65 festivals.

Live Nation and The Raine Group had invested in C3 in 2012.