Robert Sillerman's SFX Entertainment has announced that they've acquired a stake in Rock in Rio, one of the biggest festival franchises in the world. Following completion of the transaction, SFX will own 50 percent of a newly created holding company that controls the operations of Rock in Rio, including those in Portugal and soon, the U.S.
According to filings with the SEC, the deal for Rock in Rio was worth about $66 million.
Rock in Rio currently produces some of the largest festivals in the world with events in Brasil, Portugal and Spain. The company had planned a new festival in Argentina for 2013, but that was pushed into next year. A Rock in Rio-branded is also planned for next year in Mexico. - Staff Writers