Red Hot Chili Peppers, Black Sabbath, Jack White to play Lollapalooza

(CBS/AP) The Red Hot Chili Peppers, The Black Keys, Black Sabbath and Florence + the Machine will headline Lollapalooza 2012 in Chicago.

The three-day music festival will feature 120-plus acts, including The Shins, Passion Pit, Sigur Ros, The Weeknd, Calvin Harris, The Afghan Whigs, Santigold, Franz Ferdinand, J. Cole and Miike Snow.

Jane's Addiction lead singer and Lollapalooza founder Perry Farrell announced the lineup Wednesday for the festival, which takes place at Chicago's Grant Park from Aug. 3-5.

"Every year it's kind of a nail biter putting a lineup together," Farrell said. "There were moments when I looked at it and I was beside myself. I didn't know what to do."

The global factor is strong with acts from across Europe, Chile, Australia and Malaysia. It also reflects American music hubs like Austin, Nashville and Portland, spanning genres from rock to pop, hip hop and rap to electronic dance.

Putting together the perfect lineup has a special set of challenges, Farrell said.

"You are trying to balance a lot of things," he said. "Balance economics, there's budget - how much we can afford for talent. You're trying to balance that with who's available."

This is Lollapalooza's eighth year in Chicago. Last year's festival sold out at 90,000 visitors a day, or 270,000 over the three-day event. Discounted souvenir and early bird three-day passes priced at $75 and $200 have sold out. Regular priced $230 passes are available.

See the full lineup here.

Tell us: What do you think about this year's lineup?