Woodstock 50 Festival is Cancelled

According to CNN, the Woodstock 50 festival has been cancelled.

"We are saddened that a series of unforeseen setbacks has made it impossible to put on the Festival we imagined with the great line-up we had booked and the social engagement we were anticipating," said Michael Lang, co-founder of the Woodstock Music and Arts Festival. "We thank the artists, fans and partners who stood by us even in the face of adversity."

The festival was set for August 16-18, in celebration of the 50th anniversary of the original Woodstock.

Earlier this year, a marketing firm that was financing the festival pulled out of the event, and last month, the venue that the event was set for, Watkins Glen International, pulled out as well. Just days ago musicians Jay-Z and John Fogerty chose to depart.

Woodstock was set to bring together some of the industry's top artists, including Miley Cyrus and Chance the Rapper. Artists who performed at the original Woodstock, such as Santana and David Crosby, were also set to perform.

Read more on CNN.