ashley-cappsLive Nation Entertainment has acquired a majority stake in AC Entertainment, founders of the Bonnaroo Arts and Music Festival, Forecastle, Big Ears and Sloss Music and Arts. Founded by Ashley Capps, AC Entertainment produces more than 1,000 shows per year and also offers strategic partnership services and venue management for sites including the Tennessee Theatre, Bijou Theatre, Tivoli Theatre, Soldiers and Sailors Memorial Auditorium.

“Ashley and his amazing team have created an impressive roster of live events and developed a strong network and regional expertise that will complement Live Nation’s festival and concert portfolio,” said Bob Roux, Live Nation’s Co-President, North American Concerts, in a statement. “This new working relationship with AC will offer exciting synergies that will enable us to continue to grow both of our businesses together in the coming years.”

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“We’re proud of what we’ve accomplished at AC Entertainment during the past 25 years and are now excited to take the next step,” said  Capps, Founder and CEO of AC Entertainment, in a statement. “We’ve worked with the Live Nation team in various capacities for years – and especially during the past 18 months on Bonnaroo – and it became clear that they were the best strategic partner for AC’s continuing evolution. There are extraordinary opportunities to come from working together.”

AC Entertainment will continue to be led by Capps and will operate under its name, with headquarters in Knoxville and regional offices in Nashville and Chattanooga.