The deal gives Live Nation exclusive rights to host major music concerts in the North Park and Olympic Stadium in summer 2013, ahead of the Queen Elizabeth Olympic Park’s full opening in spring 2014.
The festivals will move from Hyde Park, where Live Nation has staged concerts for a decade.
Last November, AEG Live took over the contract to host music gigs in the Royal Park. As Event previously reported, changes were made to Hyde Park's event licence in February 2012, after noise complaints nearly doubled in four years. The number of concerts permitted per year was reduced from 13 to nine and the number of attendees at events cut from 80,000 to 65,000, and in some cases 50,000.
John Reid, president of concerts at Live Nation Europe, told Event: "As soon as we first walked into the Olympic Park we knew it was going to be an incredible venue for concerts and events. What we have planned couldn’t be done anywhere else in London - it's unprecedented in the UK."
He said Live Nation will unveil the headline acts for the first Wireless and Hard Rock festivals in the coming weeks, and announce which acts will play the one-off stadium gigs by the end of February.
Reid said Live Nation hopes to continue working with the LLDC on staging events in the Olympic Park post-2013. "Live Nation is building its international presence and our plans for the London Olympic venue signal our commitment to further European expansion."
Boris Johnson, Mayor of London and chairman of the LLDC, said: "The confidence shown by one of the world's leading live entertainment promoters to relocate two of its biggest music festivals from the centre of the capital is a ringing endorsement of our legacy plans. Along with the other major international sports events we have already secured, this latest news proves that the park has a very bright future indeed."
Hamish Dodds, president and chief executive of Hard Rock, welcomed the news. "Over the past seven years, our flagship Hard Rock Calling concerts in London have achieved global recognition, and we look forward to activating our new location in the Olympic Park in collaboration with the Mayor’s office and Live Nation."
Dennis Hone, chief executive of the LLDC, said: "I am delighted that leading global companies such as Live Nation are interested in the stadium and park. We are thrilled to be working with them this summer.
"This deal marks an important stepping stone towards securing a long-term programme of fantastic events that will make Queen Elizabeth Olympic Park a leading destination both for Londoners and those from further afield."
The Queen Elizabeth Olympic Park will begin to open to the public from 27 July, exactly one year after the opening ceremony.
Financial terms of the deal have not been disclosed.
What do you think about these festivals coming to the Olympic Park? Will it alter the feel of the events? Comment below to share your views.
For more in-depth and print-only features, showcases and interviews with world-leading brands, don't miss the next issue of Event magazine by subscribing here.Follow @rachelbullevent