Live Nation buys into Swedish EDM promoter

Live Nation has made another acquisition by taking a majority stake in Stockholm-based EDM specialists Stureplansgruppen Live (SPG). Confirming the deal, Live Nation's John Reid told reporters: "Since we own and operate a large number of big and successful EDM festivals globally - Electric Daisy Carnival, Hard Fest, Holy Ship! and Creamfields - it is both exciting and natural that we acquire SPG Live, especially given that many of the biggest artists in this segment internationally are from Sweden". Meanwhile SPG Live's Anders Boström said: "We are incredibly proud of what we have accomplished with SPG Live, and at the same time very happy and excited about what's about to come. As part of Live Nation and its organisation around production, marketing, PR, sponsorship and their long experience of big events, we will be able to lift our business another level while retaining what have made our festivals and concerts so great".