Woodstock 50 has been canceled [UPDATE: or has it?]

UPDATE, April 29, 1 p.m.: In a statement to the Poughkeepsie Journal, Woodstock 50 organizers contradicted Dentsu Aegis Network's original statement, and insisted that the festival will go ahead as planned: "Woodstock 50 vehemently denies the festival's cancelation and legal remedy will (be) sought," the statement read. Read our original post below.

April 29, 12:42 p.m.: Woodstock 50, the gargantuan three-day event that was set up to celebrate the 50th anniversary of the iconic Woodstock festival, has been canceled, according to a report from Billboard. The news comes after a series of red flags, including lengthy delays to the release of the festival's lineup, and long waits for tickets to go on sale.

In a statement to Billboard this morning, Dentsu Aegis Network, the company behind the festival, said that the safety of attendees was one of the chief concerns in canceling the event. “It’s a dream for agencies to work with iconic brands and to be associated with meaningful movements," the statement read. "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."

"As a result and after careful consideration, Dentsu Aegis Network’s Amplifi Live, a partner of Woodstock 50, has decided to cancel the festival," it continued. "As difficult as it is, we believe this is the most prudent decision for all parties involved.”

Chance The Rapper, JAY-Z, Miley Cyrus, Halsey, and Santana were among the confirmed headliners for the festival.

More to follow.