Live Nation has announced that it will be taking control of Bonnaroo Festival. The New York Times reported the news. The annual music and arts festival is one of the biggest events in the country, drawing more than 80,000 fans each year. As of today, Live Nation has a control stake in more than 60 festivals around the world.

“We continue to expand the industry’s most unparalleled and scalable festival platform, all while driving strong revenue and growth for Live Nation on a global basis," saud Michael Rapino, Live Nation’s chief executive. “Bonnaroo is another crown jewel in this festival channel strategy.”

In a joint announcement by Live Nation and Bonnaroo's founding companies, Superfly and AC Entertainment, the deal is said to leave the founders with a certain amount of autonomy. "Through this partnership with Live Nation, we’re even more empowered to enhance the festival while preserving the integrity of the event that we’ve thoughtfully built over the past 14 years,” said Rick Farman, a co-founder of Superfly.

In addition to control of the festival, Live Nation will also gain a share in Great Stage Park in Manchester, Tenn., the park where the annual event is held.  There is no information disclosed on how much Live Nation paid to add Bonnaroo to their portfolio, the size of their stake in the festival and their share in Great Stage.

Bonnaroo takes place June 11-14 and will feature Kendrick Lamar, Childish Gambino and more as headliners. Tickets are on sale over on Bonnaroo's website.