The New York Times reports that a group of investors have purchased CBGB's remaining assets and are planning a four-day festival in New York City July 5 - 8 that will feature over 300 artists. CBGB was an iconic music venue on New York's Bowery that operated from 1973 - 2006. The venue was a regular stop for some of the most influential punk bands including the Ramones, Television, Talking Heads, The Ramones, Blondie, Sonic Youth and Patti Smith.
The 4-day music festival will feature over 300 artists in nearly 30 venues. Bands already confirmed include Guided By Voices, Sick of It All, Vision of Disorder, The Cro-Mags, Cloud Nothings, The Pains of Being Pure at Heart, David Johansen (New York Dolls), The Baseball Project (Peter Buck of R.E.M.) and more. The shows will be held in various existing venues including Webster Hall, Trash Bar, The Living Room, and the Central Park Summer Stage.
The investers purchased the rights to CBGB's logo and various physical elements that were taken out of the old club before it closed. They plan on using net profits from the festival to open a new club to continue the legacy of CGBG.