We Fest Sold To Live Nation
Townsquare CEO Bill Wilson made the announcement during a conference call detailing the company's second-quarter financial results.
DETROIT LAKES, MINN. (KFGO) – Rumored for months, it’s official. Connecticut-based Townsquare Media said Tuesday it has sold We Fest. The new owner is a subsidiary of Live Nation, an American global entertainment company.
Townsquare CEO Bill Wilson made the announcement during a conference call detailing the company’s second-quarter financial results.
He said, “after carefully evaluating our asset portfolio, we determined music festivals were not core to our local first strategy.” Wilson says that’s when a search was started for a buyer of the events.
Townsquare Media completed the sale of the festivals to a subsidiary of Life Nation in the second quarter of this year,
The $10 million sale includes a number of other Townsquare festivals nationwide. Townsquare Media purchased We Fest from one of the original owners of one of the largest country music festivals in the country.
We Fest was launched in 1983 at the Soo Pass Ranch near Detroit Lakes.