Woodstock 50 has reportedly been cancelled.

The event was supposed to take place in August to honour the 50th anniversary of the original Woodstock festival, but according to funding agency Dentsu Aegis Network, it will no longer be going ahead.

In a statement shared with Billboard, the agency said: ''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.''

However, the festival itself has denied Dentsu Aegis Network's cancellation claims, and says it will be seeking ''legal remedy'' against the agency.

In a statement shared with local newspaper Poughkeepsie Journal, the organisers said: ''Woodstock 50 vehemently denies the festival's cancellation and legal remedy will (be) sought.''

Woodstock 50 - which was due to take place between August 16-18 in Watkins Glen, New York - has already come under fire after payments to participating artists were delayed, and ticket sales were pushed back as organisers didn't have a necessary mass gathering permit.

Artists due to perform at the festival included Jay-Z, Chance the Rapper, the Killers, and Miley Cyrus.

But even if the festival does go ahead, they'll be missing rock duo The Black Keys, who announced earlier this month they were dropping out of the event ''due to a scheduling conflict''.

Taking to Twitter, the band wrote: ''Due to a scheduling conflict, The Black Keys will unfortunately need to cancel their set at @woodstockfest. The band wants to let fans know as soon as possible and before tickets go on sale. (sic)''