S5 0716+714 is a well known BL Lac object, and one of the brightest and most active blazars. The discovery in the Very High Energy band (VHE, E > 100 GeV) by MAGIC happened in 2008. In January 2015, the source went through the brightest optical state ever observed, triggering MAGIC follow-up and a VHE detection with ∼ 13 σ significance (ATel ♯ 6999 ). Rich multiwavelength coverage of the flare allowed us to construct the broad-band spectral energy distribution of S5 0716+714 during its brightest outburst. In this work, we will present the preliminary analysis of MAGIC and Fermi-LAT data of the flaring activity in January and February 2015 for the HE (0.1 〈 HE 〈 300 GeV) and VHE band, together with radio (Metsähovi, OVRO, VLBA, Effelsberg), sub-millimeter (SMA), optical (Tuorla, Perkins, Steward, AZT-8+ST7, LX-200, Kanata), X-ray and UV (Swift-XRT and UVOT), in the same time-window and discuss the time variability of the multiwavelength light curves during this impressive outburst.