An American private equity fund bought the company behind the Sziget Festival

By: Trademagazin Date: 2024. 06. 21. 10:19

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The American private equity fund KKR bought the company Superstruct Entertainment for more than HUF 600 billion, which organizes 80 other European and British festivals in addition to the famous Sziget Festival. The details of the sale were reported by Világgazdaság and the Financial Times, according to the latter, the purchase price was 1.3 billion British pounds (approx. 600 billion forints).

Superstruct Entertainment has made a significant contribution to the development of the festival industry in Europe and attracts around 7 million visitors to its events every year. Their portfolio also includes famous festivals such as Germany’s Wacken Open Air or Denmark’s Tinderbox.

The founders of the Sziget Festival, Zoltán Fülöp and Norbert Lobenwein, retired from organizing the festivals after the transaction, but stated that their relationship with the new owners remains harmonious. Fülöp said in the program Kiszólő that although they said goodbye, they left the door open, which projects a positive future for the Hungarian festival industry.

This move could bring significant changes to the Hungarian and international music scene, as American investors could bring new resources and perspectives to the organization of already well-known festivals.