The revival of Woodstock in the Woodstock 50 festival this summer was supposed to have a heavy Hip-Hop presence with headliners in JAY-Z and Chance the Rapper, but now it has been canceled.

Earlier Monday (April 29), officials from Dentsu Aegis Network, which was providing the funding for the festival released a statement to Billboard canceling the summer date.

“It’s a dream for agencies to work with iconic brands and to be associated with meaningful movements. 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.”

The festival was set to be a three-day extravaganza which would also include performances from Miley Cyrus, The Killers, and original artists from the 1969 line-up.

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

Woodstock 50 was set to happen August 16-18 but had already missed the deadline to start selling tickets, in addition to various concerns about the capacity of the venue, permits, financing and more. Unfortunately for investors, most of the artists that were scheduled to perform were already paid, an amount that totaled over $30 million.