Insomniac Events, the company famous for putting on dance music festivals like Electric Daisy Carnival and Nocturnal Wonderland, will be acquired by Live Nation. Live Nation is buying into 51% of Insomniac for (rumor has it) $50 million.

This isn't the first time Live Nation has got themselves a piece of the dance music industry. The company has already purchased the UK's Cream Events, as well as Los Angeles' HARD Events.

Not too long ago, Insomniac had announced its plans to team up with Live Nation and Cream for an Electric Daisy Carnival in London - the first time EDC will be jumping the pond.

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