The festival's brand and IP are on the market after the follow-up event was indefinitely "postponed."
Cleveland music and media exec Shawn Rech has licensed the infamous brand name for a new fan-curated music video streaming service.
Organizers for the event, a follow-up to Billy McFarland's failed 2017 Fyre Festival, are reportedly telling ticketholders it will be rescheduled.
Billy McFarland shared copies of alleged permits and approval letters from local officials on Instagram in an effort to reassure ticketholders.
The festival, which follows 2017's disastrous Fyre Fest from convicted fraudster Billy McFarland, is scheduled to take place on Isla Mujeres in Mexico from May 30 to June 2.
