Woodstock 50 Is Proceeding With Planning & Production After Festival Financiers Pull Out

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JAY-Z and Miley Cyrus
Craig Barritt, Michael Kovac/Getty Images

While it appeared that plans for reviving the Woodstock music festival in celebration of the iconic event's 50th anniversary were dead on Monday, legal counsel for the organizers are denying reports that the event had been cancelled and released a statement that "confirms" planning for the festival is moving forward.

On Monday, officials at the Dentsu Aegis Network -- which was set to foot the bill on the hotly anticipated festival --announced that they had officially pulled the plug on funding and that the event was cancelled, according to multiplereports.

In response, attorney Marc Kasowitz, legal counsel for Woodstock 50, said in a statement to ET, "This confirms that Woodstock 50 is proceeding with the planning and production of the festival. Dentsu has no legal right or ability to cancel it."

"All stakeholders, including the entertainers, should proceed with the understanding that the event will take place as planned and if they have any questions, they should reach out directly," Kasowitz's statement added.

In the earlier public statement from the Dentsu Aegis Network, the company said, "It’s a dream for agencies to work with iconic brands and to be associated with meaningful movements. We have a strong history of producing experiences that bring people together around common interests and causes which is why we chose to be a part of the Woodstock 50th Anniversary Festival."

"But despite our tremendous investment of time, effort and commitment, we don’t believe the production of the festival can be executed as an event worthy of the Woodstock Brand name while also ensuring the health and safety of the artists, partners and attendees," their statement continued.

Considering the monumental PR disaster that the Fyre Fest proved to be, it's possible that the Dentsu Aegis Network was concerned about the potential nightmare that could ensue if the festival went as poorly as the Fyre Fest (or if it was half as disastrous as the original Woodstock in 1969).

"As a result and after careful consideration, Dentsu Aegis Network’s Amplifi Live, a partner of Woodstock 50, has decided to cancel the festival," the statement concluded. "As difficult as it is, we believe this is the most prudent decision for all parties involved."

Headliners and expected performers at the festival included The Killers, Dead and Company, Imagine Dragons, JAY-Z, Miley Cyrus, The Lumineers, Chance the Rapper, Cage the Elephant, Halsey and Carlos Santana, among many others.

The event organizers, Woodstock 50 LLC, released a statement to ET Monday evening, following the Dentsu Aegis Network's announcement, promising that they will continue to work to make sure the festival still happens.

"We are committed to ensuring that the 50th Anniversary of Woodstock is marked with a festival deserving of its iconic name and place in American history and culture," the statement read. "Although our financial partner is withdrawing, we will of course be continuing with the planning of the festival and intend to bring on new partners. We would like to acknowledge the State of New York and Schuyler County for all of their hard work and support. The bottom line is, there is going to be a Woodstock 50th Anniversary Festival, as there must be, and it's going to be a blast."

According to Billboard, the producers and promoters of Woodstock 50 recently reached out to Live Nation and AEG, seeking $20 million in financing for the festival, and both organizations declined to invest.

Meanwhile, this year's Coachella Music Festival in Indio, California, seemed to go off without a hitch yet again. Check out the video below for some highlights from the fun, successful music and arts fest.

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