Two of the biggest live music events in Australia, Splendour in the Grass and Falls Festival, have just been bought by multinational entertainment giant Live Nation.

Live Nation has bought a 51 per cent stake in Australia’s Secret Sounds Group, led by Jessica Ducrou and Paul Piticco, which runs both festivals.

Splendour and Falls are the first Australian festivals to join the massive Live Nation portfolio, which includes the landmark Governors Ball, Lollapalooza, Bonnaroo, Austin City Limits, Electric Daisy Carnival, Reading, Leeds, Rock Werchter and more.

Live Nation currently operates more than half of the 25 biggest music festivals around the world.

“Splendour in the Grass and Falls are the two most iconic festivals in Australia,” Live Nation Entertainment President and CEO Michael Rapino said in a statement. “Jess and Paul have created events that attract the biggest artists in the world but still feel uniquely Australian. We look forward to partnering with them to find new ways to grow our live event footprint across Australia.”

In a statement of their own, Ducrou and Piticco assured fans that the purchase was in the best interests of the festivals.

“We started Secret Sounds with the sole mission of introducing Australia to the best artists, events and music possible, and Live Nation is the perfect partner to help us take this goal to the next level,” they said.

“With their support we can continue to curate the lineups that fans love, while also experimenting with new exciting ways for fans to experience live music.”

The acquisition also includes Secret Sounds’ touring, sponsorship, PR, artist management and domestic agency business, but excludes the Dew Process and Create Control record labels, Dew Process Publishing and its interests in the North Byron Parklands festival site and Brisbane venue The Triffid.