Danny Wimmer Presents is launching a new record label, part of a broader expansion for the rock-centric concert promoter who is pushing ahead with an investment deal with Yucaipa Companies, a private equity fund owned by billionaire Ron Burkle.
Like many promoters, DWP was hit hard by the COVID-19 and had to cancel seven of their eight festivals — the October 9-11 Aftershock festival in Sacramento is still on the books and Wimmer said he is looking to the future"to come out of this really strong.", a principal at Yucaipa says his firm is"accelerating our plans and not slowing things down” in the face of the COVID-19 shutdown.
"You have great people out there that need partners from the operation side and the finance side. I think we make a great team," Quintero said."We're not looking to capitalize on the crisis, but there's going to be people who are in dire straits and we're going to be there to try and help them out."hopes concerts can open back up in some capacity in six months, but believes it will take two to three years for a full recovery.
"There will be an initial period of uncertainty when it opens up — the fan demand will be there, but we don't know if fans will have the money and the vacation time to invest in live events," Hayes said."As things being to come back, I think we're in a great position and want to be helpful to other promoters.
Hayes says DWP plans to invest in festivals, venues and mature companies as opposed to startups and new ventures. He added that beyond promoters of all types, DWP is also looking at related businesses such as merchandise, content, sound and light companies, transportation and staging outfits and other support businesses that provide the necessary infrastructure for the music business.
"I'm really proud to have Yucaipa as a partner because there really is an opportunity for there to be another promoter out there with a platform for artists to grow our festival portfolio and help us get in the touring business," Wimmer says."No one's gone through this time ever and to have a partner that just says 'stay focused and do good business' is incredible.
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