Word on the street is that is gearing up to buy a controlling stake in .

From Billboard.com…

is in negotiations to purchase 51 percent of the concerts and festival business of Austin-based independent promoter for about $125 million, has learned. Both C3 and Live Nation declined to comment for this story.

This leaves AEG Live in the mix but quickly disadvantaged if a deal like this goes through; we’ll have any updates as they become available.