Update: Woodstock 50 deny that the festival has been outright canceled. "Woodstock 50 vehemently denies the festival's cancelation and legal remedy will (be) sought."

Earlier today, it was reported that the 50th anniversary Woodstock Festival was canceled. Dentsu Aegis Network released a statement to Billboard explaining the company does not "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."

Billboard has updated their report, adding that festival representatives have attributed the cancelation to concerns over the size and attendance of the event, in addition to the readiness of the site. A representative reportedly reached out to Live Nation and AEG for  $20 million to help save the event, but both production companies refused.

$30 million has already been spent on the event as there were some huge artists on the bill, such as Jay Z and Miley Cyrus. Additionally, Billboard reports that Amplify Live has already paid the majority of the artists on the lineup.

The festival was set to take place the weekend of Aug. 16 in Watkins Glen, N.Y.

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