Live Nation buys Creamfields for over £13m

Ingenious Media Active Capital (IMAC), the company behind Cream and Creamfields festival, has sold its shares to Live Nation for more than £13 million.

IMAC will receive £13.93m in cash for the sale of its interest in Cream.

Patrick Bradley, CEO, Ingenious Ventures, said: “We are extremely pleased to announce the sale of our holding in Cream to Live Nation, which has produced an excellent return for IMAC. We remain committed to actively managing the remaining portfolio, and will seek exits when circumstances are appropriate for each company.”