Live Nation has purchased Knoxville-based live music company AC Entertainment, which operates or books prominent venues across Tennessee.

The two companies went into business a year ago when Live Nation purchased a controlling stake in the Bonnaroo Music and Arts Festival. AC Entertainment CEO and founder Ashley Capps will remain in charge of the company.

In Knoxville, AC Entertainment counts the Bijou Theatre, the Tennessee Theatre and the Mill & Mine among its venues. The company also books, and/or operates Chattanooga venues the Tivoli Theatre, Soldiers and Sailors Memorial Auditorium, Track 29 and the Revelry Room.

AC Entertainment is the talent buyer at Nashville's Marathon Music Works and the preferred buyer at Exit/In. A Live Nation spokeswoman said that relationship would continue.

"The continued conglomeration of the live music biz is a scary thing," said Chris Cobb, who co-owns both Nashville venues. "At the end of the day, MMW & Exit/In are wholly owned by 2 guys who live in & love Nashville & its music community. We are aware of the AC/Live Nation purchase and are currently evaluating all options in order to continue providing high quality and affordable concert experiences to Nashvillians for years to come."