SFX
Gary Richards officially joins LiveStyle
After his somewhat shocking departure from LiveNation/Hard after his 5 year contract expired. Over the Labor Day weekend the dj and party promoter confirmed via tweet that he was involved with the Electric Zoo event in New York which lead to confirmations he was with LiveStyle (the company which rose from the ashes of SFX). …
Formerly Bankrupt SFX is Now LiveStyle
It was announced earlier this month that the bankrupt SFX Entertainment, which owns Beatport, ticketing company Paylogic, music festivals Electric Zoo, Mysteryland, Spring Awakening, and Life in Color, is officially out of Chapter 11 and rebranded as ‘LiveStyle, Inc.’ SFX entered Chapter 11 bankruptcy in February due to hundreds of millions of dollars of debt. …
SFX bankruptcy plan approved with ~$400mm in debt wiped out
According to the Wall Street Journal, the bankruptcy case handling SFX Entertainment’s BK filing has approved a plan to wipeout approximately $400 million in debt. In addition, the bankruptcy judge did not approve a motion for the original investors to be a part of the post-bankruptcy SFX meaning those investors have lost 100% of their …
SFX Not Selling Beatport
SFX Entertainment, the parent company of Beatport, declared bankruptcy six months ago. Due to the bankruptcy declaration, SFX announced in March that Beatport would be sold by auction this past May. The auction was postponed following the news that Beatport’s news and streaming services were closing, which ultimately caused massive companywide lay-offs. SFX recently announced …
Flavorus EDM ticketing site sold to Vivendi for $4 Million in SFX asset auction
…SFX Entertainment continues to shed its various assets following its Chapter 11 bankruptcy filing in February, with the latest coming this week. The company announced in court documents signed yesterday (June 6) that after an auction conducted late last week, it had identified a $4 million bid from Vivendi Ticketing U.S. LLC as the “highest …
Beatport to implement major changes!
Beatport will go back to it’s original platform of primarily delivering music for dj’s to purchase. The online digital retailer will close the mobile app and live streaming platform and the event section starting May 13, 2016. SFX their parent company filed for bankruptcy in March and is to be auctioned off to the highest bidder. “When Beatport was acquired …
Judge sets aside $15 million for SFX to guarantee dj fees this summer
A consortium of dj booking agencies including WME, AM Only, Windish and Paradigm Talent Agency have agreed to a carve-out agreement with SFX. This agreement effectively allows SFX access to $15 million in funding to pre-pay for dj and music act fees. While a portion of dj fees are pre-paid, it is uncommon to have 100% …
SFX to layoff 50+ this summer
…SFX Entertainment, the financially distressed dance music promoter current in Chapter 11 bankruptcy restructuring, will lay off about 50 employees in New York in July, the company disclosed Thursday. The layoffs are part of a reorganization that is expected to end this summer. Because the New York State Worker Adjustment and Retraining Notification Act requires a …
SFX head Robert Sillerman’s parting words to employees
On March 29th, Robert Sillerman stepped down as CEO of SFX (he will remain as Chairman of the Board). The following statement was sent to current employees: As most of you are aware Thursday, March 31, will be my last day as CEO of SFX. I will remain as Chairman of the Board. The disappointment …
SFX Bankruptcy Filing update – Stock hits $0.01 per share
As most of you now know, EDM conglomerate SFX files for bankruptcy next week. It remains to be seen the ultimate effect due to this. Already we have seen that Tomorrowworld outside of Atlanta is not yet confirmed for 2016. Based on the fiasco that was the Saturday night of that event with thousands of …
