The organizers of Woodstock 50 – the failed 50th anniversary concert that celebrates the iconic 1969 festival – resolved their legal disputes with Dentsu, the Japanese advertising company hired to finance the event, Advertising panel reports. Woodstock 50 was officially canceled in July 2019, three months after Dentsu left the festival. Three months ago, an arbitration panel decided in a confidential hearing that Dentsu had breached its contract with Woodstock 50 to provide $ 49 million in funds for the festival through Amplifi, its investment arm. Now, Dentsu has agreed to settle all pending claims with an undisclosed amount that covers the damages, but not the potential unrealized profits from the festival.
The deal ends a saga of legal drama that has revolved around the festival since its announcement, which saw the event lose venues, producers, permits, ticket sales and main attractions before its official cancellation.
Woodstock organizers – led by Michael Lang – initiated arbitration with Dentsu over the dispute in May 2020 and filed a lawsuit a month later, accusing the company of “running away” with millions of dollars and “attacking” the festival on press in an attempt to “kill the festival,” giving them millions in compensatory and punitive damages not covered by two-party arbitration hearings.
Check out “Why Woodstock 50 Was Canceled”, a timeline of the events that led to the cancellation of the 50-year-old music festival.