The Governor's Music Ball: Live Nation to acquire majority stake in Founders Entertainment

Live Nation is to acquire a majority stake in Founders Entertainment, producers of New York's Governors Ball festival, reports Billboard.Held on Randalls Island, the sixth annual event is scheduled for June 3-5, headlined by Kanye West, The Killers and The Strokes.The move will see Live Nation go head to head with Coachella promoter AEG, which has announced it is launching a new music festival, Panorama, in nearby Queens from July 22-24.Founders partnered with Live Nation last year on country music festival Farmborough, although the event is not returning in 2016. Founders partner Jordan Wolowitz could not be reached for comment.