The amount of the transaction and its terms are not disclosed.

Rolling Stone magazine, owned by Penske Media Corporation, has bought all the rights to the Life Is Beautiful festival, held annually in Las Vegas, Nevada. This is stated in a statement posted on the magazine’s website.

“<…> Combination of [log] Rolling Stone with a reach of more than 60 million readers and [this] incredibly bright event (the Life Is Beautiful festival), which attracts 180 thousand people a year, is a new, very attractive territory for development,” Gus Wenner, the magazine’s chief executive officer, believes.

The amount of the transaction and its terms are not disclosed. The publication notes that the new owners of the festival are going to “take it to a new level,” as well as expand its presence on digital platforms.

The Life Is Beautiful Festival has been held annually since 2013 in the world entertainment center – the city of Las Vegas in Nevada. At one time, such performers as singer Billie Eilish, rapper A$AP Rocky took part in it (real name – Rakim Mayers) and the punk rock band Green Day. The next event is scheduled for September this year.