Published
Wed, Sep 30, 2015, 19:13
- The troubled EDM giant is considering selling off some of its companies, according to New York Business Journal.
SFX Entertainment is weighing up a fire sale of some of its assets, reports New York Business Journal.
The company's financial turmoil has been well documented: the company's share price crashed to $0.45 per share on September 10th, having peaked at US$11.59 in December of 2013. The situation worsened when chairman and CEO Robert Sillerman failed in his bid to buy back the company.
It has now emerged that SFX is considering selling some of its assets to raise funds, with New York Business Journal citing an unnamed source. SFX currently owns several dance music companies, including Beatport (which recently froze payments to many record labels before paying up), React Presents, ID&T, Totem, Made Event and i-Motion. Problems at the recent TomorrowLand festival near Atlanta, which saw thousands of people stranded outside the event after a major downpour, added to the company's woes, with SFX paying out refunds to those affected.