T In The Park bought out by Live Nation

T In The Park has been bought out by the American concert promoter Live Nation.

The live music giant, which also owns stakes in the Reading and Leeds Festival, Download and Global Gathering, now owns 67 per cent of DF Concerts, the firm behind T In The Park.

The deal has been secured as part of a joint venture with Gaiety Investments, which is owned by UK festival magnate Dennis Desmond.

Festival organisers have promised that the deal will not affect fans and have hinted at a bright future for T In The Park, and its sister festival Hydro Connect.

Geoff Ellis, head of DF Concerts, said: "We are pleased to welcome Live Nation into DF Concerts.

"We look forward to continuing to work with an array of diverse artists and creating first class events such as T In The Park and Hydro Connect."

Jay-Z, Madonna and U2 have all signed multi-million dollar deals with Live Nation in the last year, and while none of those acts are playing T In The Park this year, fans will be able to see the likes of The Verve, Rage Against The Machine, R.E.M, Kings Of Leon, Amy Winehouse and Kaiser Chiefs.

T In The Park takes place at Balado, Kinross, Perthshire, from 11-13 July.