Hungarian festival Sziget is set to leave the Superstruct Entertainment portfolio and return to its original owner and founder, Károly Gerendai, who now rejoins the management team.
Sziget became the live entertainment company’s first major addition when it acquired 70% the festival in 2017. Per Hungarian publication Index, Superstruct, which is itself owned by the private equity firm KKR, terminated its contract with the city of Budapest after facing "billion-dollar losses" in recent years. In that time, it has also removed festivals Volt and Balaton Sound from its portfolio.
Sziget's future was reportedly uncertain until as recently as last month due to ongoing legal and financial trouble. However, it has since been confirmed that a multi-year land agreement has been reached with the Budapest Municipality. The 2026 edition will take place from 11th to 15th August in Budapest’s Óbuda Island.
“Superstruct’s period of operational involvement in the festival allowed us to navigate the pandemic and to invest in the quality of the festival experience for visitors from across Europe – we are grateful for all their support,” Sziget CEO Tamás Kádár commented.
“For 2026, we’re working toward the same goal as always: to continue developing Sziget as one of Europe’s leading festivals with the strong line-up and international allure that has made it a unique event for decades,” Kádár continued.
“The ownership structure will be continuously evolving in the coming weeks,” Gerendai added. “In addition to management, we are also negotiating with major subcontractors and partners, with whom we would like to finance the festival.
“Our focus now is to emphasize Sziget’s unique identity and values even more. Not only through the headline acts but also by deepening the festival’s cultural significance and its connection to Budapest.”
Earlier this year, Irish rap group Kneecap were forced to cancel their appearance at Sziget after being banned from entering Hungary when President Viktor Orbán described them as "a national security threat". The claim came in the midst of Kneecap's vocal condemnation of Israel's genocide in Gaza, which included the formation of an alliance of artists speaking out and supporting figures who have been subjected to "aggressive, vexatious campaigns" over pro-Palestinian actions.
In a statement responding to the cancelation, Kneecap wrote: "There is no legal basis for his actions. No member of Kneecap has ever been convicted of any crime in any country. We stand against all hate crimes and Kneecap champions love and solidarity as well as calling out injustices where we see it. It's clear this is political distraction and a further attempt to silence those who call out genocide against the Palestinian people."
In the slot when their set was due to take place, a message from Kneecap was displayed on screen at Sziget, which read: "Oppose Orbán. Oppose Israel. Oppose genocide."
Superstruct-owned festivals and brands like Boiler Room have been subject to protests and boycotts from audiences, artists and activist movements this year due to the company being owned by KKR. The private equity firm has numerous reported connections to Israeli tech and data companies, weapons manufacturers and defence contractors, the Coastal GasLink pipeline, and a number of Israeli corporations that operate in occupied Palestinian territories.
This summer, multiple DJs withdrew from Field Day following calls for a boycott led by BDS and PACBI (Palestinian Campaign for the Academic and Cultural Boycott of Israel). Over 50 artists also pulled out of Sónar 2025 for the same reason. Multiple artists also withdrew from Lost Village 2025 over ties to Superstruct and KKR.
