Featured Image: Patrick Black, Jr
Live Nation has acquired a majority stake in concert promotions company First Fleet Concerts, which is based in the US state of Iowa.
Owner Sam Summers confirmed the news to local Des Moines outlet Axios this month, with the transaction completed in September after 18 months of discussions.
The deal did not include venues and property owned by Summers and partners, such as the Val Air Ballroom in West Des Moines; 700-capacity club Wooly’s in Des Moines; and Hinterland, a multi-day festival that takes place in rural St. Charles, Iowa. Summers owns some of the farmland there that has been converted into festival grounds for the annual event.
While it is business as usual, Summers told Axios that First Fleet Concerts now has access to support and additional resources through Live Nation.
“Our joint venture with Live Nation helps us bring more shows to the Des Moines metro area for fans to enjoy,” said Summers in a statement. “Our partnership combines local knowledge with industry expertise that benefits our local music scene.”
In February, Live Nation Entertainment revealed that it posted its biggest-ever year in 2023 as its revenues rocketed 36% to reach $22.7bn (£18bn/€21bn).
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