Insomniac Events, the producer of the Electric Daisy Carnival dance music events, confirmed in a statement to the Los Angeles Times that it has had talks with Live Nation Entertainment Inc. regarding a sale to that company, but no deal is complete.
The Los Angeles Times reported on Thursday that Beverly Hills-based Live Nation would purchase a roughly 50% interest in Insomniac. The company produces electronic dance music concerts at venues across Southern California and elsewhere. The Wall Street Journal, which first reported news of the pending sale, said Live Nation is paying $50 million for the stake in Insomniac.
In addition to talks with Live Nation, Insomniac has had conversations with "other interested parties," a company spokeswoman said in a statement.
Live Nation declined to comment.
Both Live Nation and SFX Entertainment had previously been mentioned as potential bidders for Insomniac. A 2010 iteration of the Electric Daisy Carnival rave drew as many 200,000 to the Los Angeles Memorial Coliseum. Electronic dance music has only grown in popularity since then. A 2012 Electric Daisy rave in Las Vegas hosted more than 300,000 people.
Insomniac, which is headed by Pasquale Rotella, has been dogged by troubles in recent years. The Los Angeles Times reported in February that since 2006, at least 14 people who went to concerts produced by Rotella and Reza Gerami of Go Ventures have died from overdoses or in other incidents related to drugs.
Copyright © 2014, Los Angeles Times