Olympic Park To Host Summer Music Festivals

London's Olympic Park will partly reopen to the public this year for a series of summer rock concerts.

The London Legacy Development Corporation says the east London park will host the Hard Rock Calling and Wireless festivals in July under a deal with events promoter Live Nation Entertainment (NYSE: LYV - news) .

Live Nation will hold other concerts in the park's Olympic Stadium over the summer after gaining exclusive rights to the venue.

The £292m transformation of the Olympic Park, which began when the London 2012 Games ended, is set to take 18 months.

The 560-acre site, featuring new homes and schools, state-of-the-art venues and public parklands, is due to reopen to the public in stages between July and early 2014.

Live Nation is leaving its previous venue in London's Hyde Park after friction over noise and timing restrictions.

Last summer fans were angered when officials pulled the plug on a Bruce Springsteen-Paul McCartney duet in mid-song.

Financial terms of the London Olympic venue contract have not been disclosed.

Details of the acts and dates will be announced by the spring.

Shows starring Springsteen, Rihanna and Coldplay are among more than 400 concerts and performances in Europe that Live Nation has staged in the past year.