Concert promotions company Live Nation has acquired a controlling interest in the entity that operates Bonnaroo, the Middle Tennessee-based live music festival held annually in Manchester.

According to a release, Live Nation -- a publicly traded corporation that generates up to $20 billion in annual revenue and also owns Ticketmaster -- has entered a three-way partnership with Bonnaroo founders/promoters Superfly Presents and AC Entertainment, a Knoxville-based company that only relatively recently opened offices in Nashville. As part of the deal, financial terms of which were not disclosed in the release, Live Nation also purchased a share of Great Stage Park in Manchester -- the festival's home since launching in 2002.

The news comes five days after Live Nation announced a 20-plus-event summer concert season at the Ascend Amphitheater at West Riverfront Park in downtown Nashville.

Read more here at Post sister publication Nashville Scene.