Live Nation buys controlling stake in Bonnaroo music festival

A fan holds up a hand sign at the Bonnaroo Music and Arts Festival on Friday, June 13, 2014, in Manchester, Tenn. (Wade Payne / Invision)

NEW YORK -- Concert promoter and ticket seller Live Nation said Tuesday that it bought a controlling stake in annual music festival Bonnaroo.

The purchase will boost Live Nation's portfolio of music festivals, which attract hundreds of thousands of people paying hefty ticket prices. Late last year, it bought a controlling stake in music festival Lollapalooza.

Bonnaroo takes place every June in Manchester, Tennessee, and attracts about 85,000 people. This year's lineup includes Billy Joel, Kendrick Lamar and Deadmau5. One ticket for the four-day festival costs $360, according to its website. Live Nation did not disclose how much it paid for the stake in Bonnaroo.

Superfly and AC Entertainment, which founded Bonnarroo 13 years ago, will continue to run its day-to-day operations.

Live Nation Entertainment Inc., based in Beverly Hills, California, owns ticket seller Ticketmaster and has stakes in several music festivals, including Austin City Limits Music Festival and Electric Daisy Carnival.