LAS VEGAS (KTNV) — Rolling Stone and its parent company plan to bring Life is Beautiful to new territories and "expand its digital footprint" after purchasing a majority stake in the festival.
The festival will still be held every year in Las Vegas, according to Rolling Stone. The purchase is part of a larger effort by Penske Media Corporation to expand its live event holdings.
Top brass at Rolling Stone and PMC took special interest in Life is Beautiful because of its uniqueness. They attributed that to the vision of former Zappos CEO Tony Hsieh, who founded the festival in 2013 as part of a campaign to revitalize Downtown Las Vegas.
"This one has an extremely special quality to it, and it does really go back to Tony’s original vision behind it," Rolling Stone CEO Gus Wenner said in an article announcing the purchase.
Life is Beautiful CEO David Oehm said he and the ownership team are "thrilled" to partner with Rolling Stone.
"As a landmark institution and touchstone of the music industry for over 50 years, the Rolling Stone team will help to deepen our connection to fans of music everywhere, while also championing the cultural initiatives that make Life is Beautiful so much more than a music festival," he said in the Stone article.
