The EDM giant may be forced to assets to stay afloat.
SFX Entertainment is considering a “fire sale” of its assets after bad weather at the TomorrowWorld festival caused the company’s share price to drop by a further 7.5%, the New York Business Journal reports. The Atlanta festival was left issuing refunds and lost concessions.
CEO and founder of SFX, Robert Sillerman, founded the company in 2011 and spent the next two years on acquisitions to cement his company in the world of EDM, reportedly spending over $1 billion.
Here are just some of the assets in SFX’s name that could be up for sale:
- Beatport – EDM download and streaming site
- Totem OneLove Group Pty Ltd. – Australian electronic music festival producer
- ID&T – Amsterdam based dance music festival producer running Tomorrowland and TomorrowWorld
- Flavorus – Ticketing company
- React Presents – EDM events organiser
- Monumental Productions BV – Producer of ‘Awakenings’ events
- 50% stake in Alda Holding BV – EDM event producer
This news all comes just a month after SFX were reported to have secured $90 million in new funding when Richard Rosenstein, CFO at SFX, said: “With the success of many of our festivals in the current quarter and this added financial flexibility, SFX is better positioned to continue growing our powerful brands and support our extraordinary team members who are focussed on executing on our strategic plans.”
The deadline for SFX’s special committee and advisors to accept proposals and assets for the company is tomorrow.