Live Nation buys Cream Group in £14m deal
US events group Live Nation Entertainment has bought Cream Holdings, which owns Liverpool nightclub brand Cream and the Creamfields festivals, for £13.9m from Ingenious Media Active Capital (Imac).
Cream, launched in 1998, runs the Creamfields UK dance festival, held at Daresbury on August Bank Holiday weekend, as well as licensed shows overseas and club nights in the UK and Ibiza.
It made a profit before tax of £1.42m in the financial year to 31 January.
As part of the acquisition, Cream founder and chief executive James Barton will take up an executive position at Live Nation, becoming the company’s new president, Live Nation Electronic Music, and will be working to expand the company’s reach in the EDM scene around the world.
Mr Barton said: “I am delighted to be a part of the Live Nation team and know that the company is the perfect partner.
“Our strategies are aligned and through the combined efforts of the Cream and Live Nation teams, we will substantially grow our electronic music offerings across the globe.”
Patrick Bradley, chief executve of Ingenious Ventures (a trading name of the manager to Imac), said: “We are extremely pleased to announce the sale of our holding in Cream to Live Nation, which has produced an excellent return for Imac.”
