It’s going to be a rockin’ New Year’s Eve at MTV. As part of a diversifying move into live events, the youth-focused cable net has acquired the SnowGlobe Music Festival. The annual three-day event runs December 29-31 in South Lake Tahoe, CA.

Now in its eighth year, SnowGlobe draws more than 20,000 music fans to the Nevada-bordering city with a mix of musical performances, action sports and interactive art exhibitions. This year’s lineup includes headliners Above & Beyond, Diplo, Eric Prydz, Rezz and RL Grime among more than 40 artists performing across three stages.

MTV and the SnowGlobe team plan to expand the festival to additional dates and locations worldwide and leverage its team to launch other new events as well. It also will be a platform for MTV to reinvent its New Year’s Eve coverage, the Viacom-owned cable net said.

“With SnowGlobe, MTV is taking the natural next step in its resurgence by expanding deeper into live events, as we continue to reach our fans and capitalize on our strong brand in new ways,” said Chris McCarthy, President of MTV, VH1, CMT and Logo. “In a festival space where many events have become indistinguishable, SnowGlobe stands out with a unique mix of music, sports, and art that makes it a favorite among artists and its growing audience.”

Added SnowGlobe CEO Chad Donnelly: “With SnowGlobe, we’ve always endeavored to create an event experience that sets itself apart from the typical music festival model. We are incredibly excited to be joining the MTV family, whose legacy of developing boundary breaking programming and events perfectly aligns with our long-standing ambition of creative innovation.”

Terms of the acquisition  weren’t disclosed.