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Big Day Out festival has been cancelled for 2015 in New Zealand and Australia.

The news comes after the Australian director of the event sold his share to Texas-based Lollapalooza promoter C3 Presents, who also had a stake in the company. 

C3 have not ruled out a return for Big Day Out in 2016 however, saying in a statement, "While we intend to bring back the festival in future years, we can confirm there will not be a Big Day Out in 2015. We love working on BDO and are excited about the future."

New Zealand promoter Cambell Smith also expressed his disappointment, tweeting, "Big Day Out on hiatus for 2015. A real shame for Auckland and NZ after an awesome 2014 gig, but we will be back." 

The future of Big Day Out New Zealand has been uncertain since 2012, when sales were so low that it could not come back the following year. 2014 saw a trumphant return and a new venue for the festival, and with 30,000+ tickets sold, the Auckland gig was the only one to come close to selling out.

The Australian shows were marred by low attendance, perhaps in part due to Blur pulling out at the last minute and also Australia's oversaturated festival calendar. Losses for the 2014 tour are estimated to be between AUD$9-12 million.

AJ Maddah, Soundwave promoter and the now former director of the Big Day Out, sold his shares to the US company only nine months after he took control of long-time co-owner Ken West's half of the business. C3 have been involved in Big Day Out since 2011, when they purchased departing co-founder Vivian Lees' shares.

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