News

EDM giant SFX considering “fire sale” of assets after TomorrowWorld fiasco.

EDM giant SFX considering “fire sale” of assets after TomorrowWorld fiasco.

The EDM giant may be forced to assets to stay afloat.

SFX-Entertainment-May-Be-Looking-to-Buy-Ministry-of-SoundSFX 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.

[via RA]

Comments

comments

Click to add a comment

You must be logged in to post a comment Login

Leave a Reply

News

Electronic music lover and world traveler.

More in News

unnamed venue

Carl Cox’s Intec Imprint Goes To The Big Apple

Matt BoltonApril 20, 2017
Screen-Shot-2017-04-06-at-6.17.41-PM

Electric Heart – The Worlds First EDM Silent Narrative Film

Matt BoltonApril 14, 2017
rukes-main-stage

Win Tickets To Ultra Music Festival 2018

Tomas SerranoApril 12, 2017
92-2013012114095941884815413

BCM Planet Dance Shut Down By Town Hall Inspectors In Mallorca, Spain

Matt BoltonApril 5, 2017
splice-news-main-visual

Splice & Pioneer DJ Partner to Create First-ever Cloud Connected Hardware Sampler

Matt BoltonApril 3, 2017
neptune

Neptune Project

EDM STAFFMarch 27, 2017
Wet Electric_11

Wet Electric announces Diplo as the first headliner

EDM STAFFFebruary 24, 2017
Trajedy lands upon The BPM Festival causing the authorities to cancel the event indefinitely

The BPM Festival canceled indefinitely by Mexican government after shooting at 10 year anniversary closing party leaving 6 dead and 15 injured

Matt BoltonJanuary 17, 2017
lan-2014-1400

LIGHTS ALL NIGHT ANNOUNCES FIRST-EVER LIVE BROADCAST

EDM STAFFDecember 14, 2016