Iconic media brand Rolling Stone has acquired a majority stake in annual music and arts festival, Life Is Beautiful, which is held in downtown Las Vegas.
Rolling Stone and parent company Penske Media Corporation have outlined their ambition to be more active in the live event space.
The festival will continue to take place in Las Vegas, but Rolling Stone hopes to expand the event to more territories and increase its digital footprint.
Life Is Beautiful was launched in 2013 and its inaugural headlining acts included Kings of Leon and Nevada natives The Killers. This year’s event is due to take place in September.
Rolling Stone chief executive Gus Wenner said: “Live events have to have the ability to tell stories and create a narrative and impact through content just beyond the events itself that happens once a year.
“So I think the combination of Rolling Stone, with our scale of over 60 million readers, and our ability as a journalistic outfit, to combine that skillset with an unbelievable live event that attracts 180,000 people a year – that’s new territory and really, really compelling.”
David Oehm, chief executive of Life Is Beautiful, added: “We are thrilled to realise the potential of Life Is Beautiful in partnership with Rolling Stone.
“As a landmark institution and touchstone of the music industry for over 50 years, the Rolling Stone team will help to deepen our connection to fans of music everywhere, while also championing the cultural initiatives that make Life Is Beautiful so much more than a music festival.”