Penske Media & Rolling Stone Acquire Las Vegas’ Life Is Beautiful Festival
05.02.2022 - 05:13
/ deadline.com
Penske Media subsidiary Rolling Stone has acquired a majority interest in Life is Beautiful, the music, arts and ideas festival held annually in Las Vegas, Nevada.
Former Zappos CEO and visionary entrepreneur Tony Hsieh founded the festival in 2013, as part of his vision to transform and revitalize the underserved Downtown Las Vegas community. In the nine years since, it has played host to 600-plus artists and more than 1 million fans, injecting upwards of $350M in economic impact and cultural capital into Downtown Las Vegas and the surrounding area. The most recent edition of the three-day festival, headlined by Billie Eilish, Green Day, and Tame Impala, was attended by an audience of more than 170,000, coming in as one of the highest-grossing events of its kind in the nation in 2021.
Rolling Stone plans to expand Life is Beautiful into new territories and broaden its digital footprint. Together, Rolling Stone and Life is Beautiful will continue to highlight the most important musicians and artists of today, offering exposure to new cultural experiences and contributing to a more beautiful world. Terms of the deal were not disclosed. News of the acquisition comes following Penske’s move to take a stake in both SXSW and the Cannes Film Festival’s American Pavilion.
“Live events are an integral part of Rolling Stone’s future and Life is Beautiful is an incredible platform to realize this vision. Coupled with our significant digital scale and deep journalism, there are infinite possibilities to grow Life is Beautiful in unique and impactful ways,” said Rolling Stone CEO, Gus Wenner. “I am grateful to have worked with Tony on this partnership and am proud to have Rolling Stone help carry forward his mission.”
“Tony understood
The website popstar.one is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can
send a complaint on the news if you find it unreliable.