Follow the Money: The Podcast How a vulture capitalist quietly took over Europe’s festival scene
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Aug 5, 2025 Henk Willem Smits and Salsabil Fayed, both investigative journalists at Follow the Money, delve into the hidden takeover of major European music festivals by KKR, a U.S. investment firm. They discuss the ethical concerns of corporate ownership over cultural events and the backlash from artists and festival-goers who feel their community spirit is threatened. The podcast also explores KKR's controversial connections to military tech and the Israeli-Palestinian conflict, raising important questions about accountability and transparency in private equity.
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Why KKR Triggers Moral Outrage
- KKR's controversy stems from investments in defense firms and projects linked to Israel and fossil fuels.
- These holdings clash with festivals' countercultural identities and trigger moral objections.
Culture Versus Financialization
- Festivals are perceived as locally rooted cultural spaces, not tradable assets for profit.
- Private equity ownership clashes with festival values, provoking strong emotional reactions from communities.
Organizers Felt Suckered Into Selling
- Zwarte Kroos festival organizers felt betrayed after being encouraged to sell to Superstruct and later discovered KKR's involvement.
- They said Superstruct promised savings and growth but hid the private equity ownership consequences.