UPDATE, 11.10am: FESTIVAL organisers Secret Sounds have confirmed that both Splendour in the Grass and Falls Festival Byron Bay will not suffer major changes after 51% of the company was bought up by global music festival brand Live Nation.
Jessica Ducrou and Paul Piticco said it's business as usual for them.
"To reassure our festival audience, nothing will change with Splendour in the Grass and Falls. It's business as usual," they said.
"Our ethos and concepts will remain as they always have - to bring the best artists and experiences from around Australia and overseas to our events."
"We've had multiple investors over the years and we are thrilled to welcome Live Nation on board who understand the music business completely. We're really excited about the future."
The business partners also explained the deal does not include North Byron Parklands, the venue where the festivals take place.
"This Live Nation partnership does not include North Byron Parklands, nor does it include our record labels and Brisbane venue The Triffid. They are excluded from the investment," they said.
ORIGINAL STORY: THE company that brings you two local music festivals has been purchased.
Live Nation Entertainment, Inc have announced that it has acquired 51% in Secret Sounds Group, the Australian company led by Jessica Ducrou and Paul Piticco, which owns and produces two of Australia's leading festivals: Splendour in the Grass and Falls Music & Arts Festival.
Splendour in the Grass and Falls are the first Australian festivals to join Live Nation, which has the largest and most diverse festival portfolio in the world, encompassing more than 80 global festivals, including the landmark Governors Ball, Lollapalooza, Bonnaroo, Austin City Limits, Electric Daisy Carnival, Reading, Leeds, Rock Werchter and many more. Live Nation continues to grow its unparalleled festival platform and currently operates over half of the top 25 festivals around the world.
"Splendour in the Grass and Falls are the two most iconic festivals in Australia," said Michael Rapino, President and CEO, Live Nation Entertainment.
"Jess and Paul have created events that attract the biggest artists in the world but still feel uniquely Australian.
"We look forward to partnering with them to find new ways to grow our live event footprint across Australia."
Michael Coppel, President and CEO of Live Nation Australia and New Zealand said: "We wholeheartedly welcome Jess and Paul and their teams into the rapidly growing Live Nation Australia family.
"Our new relationship with the Secret Sounds group confirms Live Nation's position at the forefront of the Australian live performance industry."
Ms Ducrou and Mr Piticco, Co-CEO's of Secret Sounds said: "We started Secret Sounds with the sole mission of introducing Australians to the best artists, events and music possible, and Live Nation is the perfect partner to help us take this goal to the next level.
"With their support we can continue to curate the lineups that fans love, while also experimenting with new exciting ways for fans to experience live music."
The acquisition also includes Secret Sounds' touring, sponsorship, PR, artist management and domestic agency businesses. The partnership excludes the Dew Process & Create Control Record Labels, Dew Process Publishing and its interests in the North Byron Parklands festival site and The Triffid venue in Brisbane.