Variety has issued an update in regards to Woodstock 50:

To say that the already confusing situation around the Woodstock 50 festival scheduled for August entered a new realm of confusion this week would be an understatement of epic proportions. The festival - slated for the weekend of August 16-18 in Watkins Glen, New York and starring Jay-Z, the Dead & Company, Miley Cyrus and many others - saw its financial partner, Dentsu Aegis, pull out abruptly Monday morning after spending some $30 million on the event.

“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,” their announcement reads in part. “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.”

A source tells Variety that Dentsu felt many production milestones had not been met - the necessary permits have not yet been obtained - and that the company felt the site’s infrastructure, including fresh water, sanitation and access and egress routes, were not sufficient for a three-day camping festival and there is not enough time to create them. Tim O’Hearn, administrator for Schuyler County, where the festival site is located, told Variety last week that he believed the site could accommodate an anticipated audience of 75,000 people, however his comment was based purely upon the logistical feasibility of a tightly organized event.

While reps for Dentsu told the media the festival has been cancelled, chief organizer Michael Lang, who was also a producer of the original Woodstock, denied that claim and insisted that it will go forward with new partners. On Wednesday morning Lang spoke with Variety about Dentsu’s withdrawal, possible new financial partners, the status of the festival and what’s coming next.

Read the interview at Variety.