THE ELECTRIC Picnic music festival has signed a new partnership agreement with major concert promoter Festival Republic, in a deal that involves the buying out of Aiken Promotions’ interest in the boutique event.
The investment means a stake in the annual Stradbally event will now pass to Aiken’s rival MCD, which co-owns Festival Republic with the international promoter Live Nation.
The John Reynolds-owned Pod Concerts, which was the force behind Electric Picnic, retains its interest.
Melvin Benn, managing director of Festival Republic, whose portfolio of festivals includes Glastonbury, Reading and Leeds, said: “I have been a friend of John Reynolds for a long, long time and have been a fan of the Electric Picnic Festival since its inception; it is Ireland’s version of Glastonbury as far as I am concerned and has been a great inspiration to Latitude too.
“I am very excited about partnering with John and his team to become part of it.”
In a statement, Festival Republic said the investment would make a “fresh new chapter” in the festival’s evolution.
“After five years, the festival has become one of the most-heralded around the world, receiving critical acclaim from music fans and media alike,” it added.
Mr Reynolds said he had worked with Mr Benn on previous projects and looked forward to the new collaboration.
The news comes at a trying time for concert promoters, with cancelled gigs and falling attendances leading some to cut staff.