The country's largest music festival, Electric Avenue, has been bought by Live Nation. 

The multinational entertainment company announced the acquisition of festival producer Team Event, which owns the two-day summer festival held in Christchurch's Hagley Park each February.  

Promoters Association President Layton Lillas told Mike Hosking that given the tough environment festivals are facing, this is good thing for New Zealand.  

He says Live Nation is going to put some financial might behind the event and secure big name acts.  

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