Live Nation, the live entertainment group, has joined forces with John Giddings to invest in the Isle of Wight Festival.

As part of a new investment agreement, Live Nation via LN-Gaiety has become the majority shareholder in the Isle of Wight Festival and will work alongside John Giddings and Solo Music Agency, which will continue to lead the festival.

Denis Desmond, chairman of Live Nation UK, said: “John Giddings and the Solo team have developed the Isle of Wight Festival to be one of the most iconic festival brands in the world and it’s fantastic to be able to add it to our growing and diverse portfolio of festivals.”

John Giddings, founder of Isle of Wight Festival, commented: “After 15 hugely successful and glorious years, we have been looking at how we can elevate and take the Isle of Wight Festival to the next level. This partnership with Live Nation will give us the ability to access the company’s scale and talent pool, bringing more acts and a better experience to the UK.”