Sziget Festival is to roll out globally following the sale of a 70% stake in Sziget Cultural Management to Providence Equity Partners. The global asset management firm plans to launch between 8 and 10 new festivals over the next few years. James Barton, former president of Electronic Music for Live Nation and Creamfields Festival founder, and Paul Bedford, former financial director of Cream Group, have joined the firm to lead the international expansion of the Hungarian festival brand. Sziget’s current management retain a 30% equity stake in the company and will continue to lead management and operations of all festivals in the portfolio, which also include Balaton Sound, Telekom VOLT Festival, Gourmet Festival and Gyerek Sziget (Children’s Sziget). Alongside Barton, Bedford and Sziget’s founder Karoly Gerendai, the management team includes international operations head Gábor Takács, and Zoltán Fülöp and Norbert Lobenwein who helm Telekom VOLT Festival and Balaton Sound.
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