Ingenious Media Active Capital (Imac) has sold its stake in Cream, a live events company based on the Cream electronic music brand.
Cream runs the Creamfields UK dance festival, held at Daresbury near Liverpool on August Bank Holiday weekend, as well as licensed shows overseas and club nights in the UK and Ibiza. Imac's shareholding in Cream has been bought by Live Nation Entertainment for £13.93m. Cream made a profit before tax of £1.42m in the financial year to 31 January.
Patrick Bradley, CEO of Ingenious Ventures (a trading name of the manager to Imac), said: "We are extremely pleased to announce the sale of our holding in Cream to Live Nation, which has produced an excellent return for Imac."