According to the Wall Street Journal, that seems to be the case. While neither Insomniac or Live Nation is commenting, “people close to the matter” are saying that Live Nation could be ponying up $50 million dollars to have a 50% stake in Insomniac. That would give Live Nation say-so in presenting the Electric Daisy Carnival, which is one of the most popular (and lucrative) EDM festivals in the U.S.. Word is that SFX Entertainment (which now owns Beatport and has been looking to snipe a number of EDM companies) was looking to purchase Insomniac for $100 million dollars, but who knows how far that’s going.
WSJ is insinuating that Pasquale Rotella’s desire to create experiences over selling tickets could be a driving force in him wanting to get out of the promotion game… as well as whatever legal woes he might be incurring over Insomniac’s reign. Whatever the reasoning behind it is, this move would immediately free up Rotella to conceive even bigger events for Insomniac and its many brands. We’ll keep you posted on what could be a major move in the 2013 EDM wars.