Canada is set to host the first North American version of the V Festival.
The Flaming Lips and Gnarls Barkley have been signed up for the two day event at Toronto's Island Park on September 9-10, reports the BBC.
A number of Canadian acts, including The Hidden Cameras and The Dears are also expected to appear at the two day event.
Sir Richard Branson, who announced the news after being lowered onto a restaurant patio in the city's waterfront by helicopter, said: "It's the biggest sort of social event on the calendar for a particular age group in the UK. There's a lot of very, very, very big bands."
Up to 50,000 fans are set to descend on the site although there will be no provision for camping at this year's event.
Vancouver and Montreal are also being considered to host the event which traditionally takes place over two legs in the UK.
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