During a panel at his own EDM Biz conference, Insomniac Events’ CEO Pasquale Rotella casually confirmed what his long been rumored: His company will formally partner with Live Nation. Described as a “creative partnership,” the venture will allow Live Nation to access the festival brand’s loyal and fast-growing fanbase, while providing the promoter the benefit of Live Nation’s infrastructure and capital.

Though no official numbers were given, a source with knowledge of the negotiations estimated the deal to be worth some $80 million. A Wall Street Journal article from last month, however, put the deal closer to $50 million dollars in return for a nearly 50% stake in Insomniac.

Read the full story: Billboard