The new contract will be in place for 2023 and run through 2032, with the potential for a five-year extension of the same terms if mutually agreed to by production company C3 Presents and the Chicago Park District.
Joining “Chicago Tonight” to discuss Lollapalooza’s extension are Selena Fragassi, an entertainment contributor for the Chicago Sun-Times, and Michael Jacobson, president and CEO of the Illinois Hotel & Lodging Association.
The new contract will be in place for 2023 and run through 2032, with the potential for a five-year extension of the same terms if mutually agreed to by C3 and the Chicago Park District.— Chicago Park District receives a share of all C3 revenue streams ranging from 5% to 20%, depending on total festival revenue. Revenue streams include admission, good and services within the festival, licensing sales, sponsorships and streaming.
— C3 guarantees a minimum payment to the Chicago Park District of $2 million if a four-day festival is held, $1.5 million for a three-day festival, and $750,000 if no festival is held. These are the same terms as the current contract.
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