After the "New York Times" announced "advanced talks" between Live Nation and C3 Presents in early October 2014, the purchase of a 51-per cent stake in the Austin company was confirmed on 22 December of the same year. Described at the time of the acquisition as "the largest independent concerts company in its space", C3 reported revenue to the value of US$124 million in 2013 and was targeted by Live Nation for its festival portfolio. The C3 founders told reporters that they were "excited" by the development, but made no mention of the Big Day Out festival. It has not returned since then.