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Stuart Galbraith to return from exile with AEG-linked venture.
Sacked Live Nation boss forms independent promoter with O2 owners, concentrating on the global festival market and working with previous live clients
Live Nation's former managing director Stuart Galbraith, who was sacked in September for breach of contract, has confirmed industry expectations and signed a 50/50 joint venture with O2 owners AEG.
Galbraith is hoping "boutique promoter" Kilimanjaro, which will focus on festivals, touring acts and breaking new artists, will become one of the top three live music players in the UK within five years.
Due to launch officially today (Monday), Kilimanjaro has already secured the only European leg of the Eagles' Long Road Out Of Eden tour in AEG's O2 in March. Kilimanjaro has already taken a 51% stake in Wakestock, the wakeboard music festival held simultaneously at Blenheim Palace in Oxfordshire and Abersoch in North Wales, which Galbraith says he will make some fundamental changes to.
"It is a matter of maximising the economies of a festival in some areas such as sponsorship, bar and food facilities and other ancillary income which, after all, are as important as ticket sales," he says.
Kilimanjaro is also in talks to take major shareholdings in three other UK festivals "to increase profitability", as well as to work with two festivals in America and Europe.
The company will be also work closely in the US with Paul Tollett, president of Goldenvoice (part of AEG), the company behind the Coachella and Stage Coach festivals.
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