We reported the other week that the Coachella Valley Music & Arts Festival was expected to bring in over $700 million, and now it looks like Goldenvoice, a subsidiary of AEG Live, is looking to reinvest in another music festival with the profits.
This new three-day festival is set to take place in Pasadena with the big announcement that it will be held in the Rose Bowl Stadium. Per the Pasadena Star-News, the Pasadena City Council had already given Rose Bowl GM Darryl Dunn the go-ahead on 10-year deal with AEG last night.
This new festival dubbed Arroyo Seco Music and Arts Festival will join Coachella, Stagecoach, Firefly Music Festival, Electric Forest, Hangout Fest, and more as just one of many major festivals that fall under the Goldenvoice/AEG Live umbrella. 
According to the Pasadena Star-News this festival may debut as early as next June, so stay tuned for more updates.
H/T: CBS Local
