V Festival will be renamed for 2018 after Sir Richard Branson revealed that Virgin would no longer be a sponsor.
The billionaire businessman said the 2017 event was Virgin's last, after 22 "enjoyable and successful years".
The festival, which has featured some of the world's biggest stars including Justin Bieber, Beyonce and Jay Z, will continue, with another company expected to take Virgin's role.
A message posted on the festival's Twitter page said the event would carry on during the usual weekend in August with a new name.
The tweet said: "The name of the new festival that continues on the same weekend in 2018 will be announced soon."
Sir Richard said in a statement on the Virgin website: "V Festival has always been a special weekend for everyone at Virgin.
"We've been proud to sponsor V Festival for the past two decades and there have been some incredible performances on the stage.
"Now, after 22 very enjoyable and successful years, 2017 was Virgin's last V Festival.
"Being part of V Festival has been an honour and there are some amazing moments that will stay with me forever - including introducing Paul Weller and welcoming V2 Records' first signing The Stereophonics to a massive audience.
"Working on V Festival has been a brilliant journey filled with great people, fun times and exceptional music."
Sir Richard said he had great experiences at the festival, which is held annually in August at two venues - Hylands Park in Chelmsford and Weston Park in south Staffordshire.
He added: "We wish Live Nation every success with their future plans. We would like to thank them for a brilliant partnership over recent years."
Sir Richard said it was now time for Virgin to "look at new ways we can disrupt the industry to ensure music is a force for good".
V Festival was launched in 1996.
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