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Big Day Out Festival Canceled, Acquired By C3 Presents

big day outOrganizers for Big Day Out festival, one of Australia's premier fets, has announced that the 2015 edition has been canceled. C3 Presents, the U.S.-based promoter who oversees the event says that the festival will return after taking a year off to restructure. 

C3 Presents, who also produce festivals such as Lollapalooza, acquired a a partial stake in the festival in early 2012 but the festival appeared to struggle since, and losses for BDO 2014 were reported to be as much as $15 million AUD.

Yesterday, festival co-founder AJ Maddah told Australia’s Triple J radio that he had sold his share of the event to C3 Presents for $1, with an option to buy back in for the same price in a year.

“C3 Presents is proud to own Big Day Out, one of the most iconic and established festival brands in the world. While we intend to bring back the festival in future years, we can confirm there will not be a Big Day Out in 2015,” read a statement from the festival’s new owner, published by Fairfax Media.