The organizers of the Mad Cool festival expressed their condolences to the acrobat's family in a statement Saturday, saying they "regret the terrible accident."
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Spanish national television shows images of what appears to be the acrobat falling from a box suspended several meters in the air.
The organizers say they decided not to cancel the performance by American rock group Green Day following the accident "for security reasons."
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Green Day later wrote on Twitter that "we just got off stage at Mad Cool Festival to disturbing news. A very brave artist named Pedro lost his life tonight in a tragic accident."
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