As reported by The New York Times, a group of investors has purchased the assets of the legendary club, CBGB, and they plan to launch a music festival this summer with the possibility of reopening the club at a new location. The festival is said to be a 4 day event beginning on July 5th and featuring roughly 300 bands. The festival includes a free concert in Central Park which includes performances by Pains Of Being Pure At Heart, Cloud Nothings and Guided By Voices.
CBGB (which stands for Country, BlueGrass, and Blues) was founded in 1973 in Manhattan. Although it was created to be a venue for the music styles which it is named after, it became a haven for new wave and punk bands. The club had a corresponding record store, which later got converted into a secondary venue and art gallery. CBGB closed in 2006, but still remains a part of alternative music culture; CBGB t-shirts are still a popular tourist souvenir.
Below is a video featuring a CBGB performance from one of their staple bands – The Ramones.