We all seen what happened to Fyre Festival founder Billy McFarland --  the man got way over his head and now, he's behind bars. Woodstock 50, which included a line-up of artists like Jay-Z, Chance The Rapper, Vince Staples, Earl Sweatshirt and more, has been canceled, according to the festival's partners Dentsu Aegis Network. The company released a statement to Billboard explaining the difficult decision to pull the plug on the festival.

"It’s a dream for agencies to work with iconic brands and to be associated with meaningful movements. We have a strong history of producing experiences that bring people together around common interests and causes which is why we chose to be a part of the Woodstock 50th Anniversary Festival.  But despite our tremendous investment of time, effort and commitment, we don’t believe the production of the festival can be executed as an event worthy of the Woodstock Brand name while also ensuring the health and safety of the artists, partners and attendees," the statement reads. "As a result and after careful consideration, Dentsu Aegis Network’s Amplifi Live, a partner of Woodstock 50, has decided to cancel the festival.  As difficult as it is, we believe this is the most prudent decision for all parties involved.”

There has been speculation that the festival would be canceled for a while. Reps for Woodstock 40 said there have been concerns regarding capacity at the festival, which was set to take place at Watkins Glen International Speedway, as well as the readiness of the grounds and permits. A rep for the festival reached out to Live Nation and AEG investors for a $20M to save the event but was ultimately declined. Additionally, the announcement of the cancelation comes less than a week after the festival missed a deadline to launch ticket sales. 

The music publication reports that $30M has already been invested into the festival-line-up and many of the artists have already been paid out by Amplify Live, the investment arm of Dentsu Aegis.

Shortly after the statement was released, a spokesperson for the festival vehemently denied Dentsu Aegis claims. "Woodstock 50 vehemently denies the festival's cancellation and legal remedy will (be) sought," a spokesperson told Poughkeepsie Journal.