The event commemorating the 50^th anniversary of Woodstock has been canceled.

First reported by Billboard early Monday afternoon, Schuyler County Administrator Tim O'Hearn said later in the day that he had been advised of the event's cancellation. 

Billboard.com reported Monday that Dentu Aegis Network, the organization funding the festival, said in a statement:

"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. 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.”

In the last couple weeks, the festival has run into issues. Organizers have continued to work with the state Department of Health on securing a mass gathering permit, which is required before tickets can go on sale. Gary Holmes, a spokesperson for the health department, says "today's cancellation announcement is not a result of the permit application pending with the Department. The Department was surprised to learn of today's decision to cancel the event."

Billboard said last week that most of the artists have already paid deposits for the event.

The headliners were supposed to include Jay-Z, the Killers and Imagine Dragons, with more than 70 others too.

The festival was scheduled to run from August 16-18.