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SFX Entertainment have acquired Made Event
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| euphoria |
http://blog.electronicnightlife.com...o-festival.aspx
SFX Entertainment, Inc. (NASDAQ: SFXE), the world’s largest producer of live events and entertainment content focused primarily on electronic music culture (EMC), announced today that it has acquired Made Event, the premiere electronic music production company and creators of the Electric Zoo Festival.
"The acquisition of Made is strategically important for SFX, as it establishes a strong foothold for us in the New York City region,” said SFX Chairman and CEO Robert F.X. Sillerman. “Co-founders Mike Bindra and Laura De Palma are the ultimate industry professionals, and our management team will benefit greatly from their years of experience. We plan to develop the Electric Zoo brand internationally and have the opportunity to build other SFX brands in the U.S. with the support of Mike, Laura and the team at Made." SFX acquired all of Made in the transaction, after previously agreeing to acquire 70% of the company.
Bindra and De Palma bring more than 20 years of experience in the promotion, production, and execution of electronic dance events to SFX. Made Event has been behind some of the largest and most iconic events in the industry, presenting world-class talent with the highest standards in state-of-the-art sound and visual production.
The Electric Zoo Festival is New York City's largest dance music festival, with more than 100,000 attendees. Established in 2009, it takes place over Labor Day weekend on Randall's Island and features the top names in electronic music, bringing a wide variety of acts from around the world and across the spectrum of electronic music's various sub-genres.
Made also presents many events throughout the year, such as the Governor’s Beach Club concert series in New York, Armin van Buuren’s ASOT 600 at Madison Square Garden, and recent sold-out shows by Hardwell and Benny Benassi. It is also a regular contributor to New York-based art and culture charities.
“After years of independence, we couldn't be happier about our venture with SFX,” said Bindra. “To date, SFX has brought together the top companies and individuals in the electronic dance music industry.”
De Palma added, “The SFX team of industry leaders will provide a network of opportunities, allowing us to expand our vision of presenting the highest caliber, fan-focused electronic music events in exciting and innovative environments around the globe.”
SFX’s stock began trading on The NASDAQ Global Select Market on October 9, and the company will file its third quarter 10-Q report on November 22. |
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| PvDoBseSSioN |
| it was only a matter of time i guess. so we can at least expect afrojack to spin at every electric zoo now? lol |
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| Burak14 |
| great, more cheese on the way. |
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| RemiX |
I'm gald to see all the hard work of Made has finally paid off (financially speaking). I'm curious to know the terms of the deal - cash/stock transaction?
Having said that, it kinds of sad to see Made move from the "mom and pop" promoters who brought it outstanding international talent during the last 10 years, to a corporate function who values profit above all else.
EDIT: Interesting article from digital music news on the poor performance of SFX stock: http://www.digitalmusicnews.com/permalink/2013/10/24/sfxagain
SFX is banking on EDM to grow infinitly, but when the kids move on to something else, they are going to be in big trouble. |
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| DOOMBOT |
| quote: | Originally posted by RemiX
... to a corporate function who values profit above all else. |
Just curious; what do you mean by this? The only way to make a profit would be for them to meet consumer demand, aka - offer a service/product that people want. |
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| diabloargentino |
| i thought this was old news.. |
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| violethalo |
| quote: | Originally posted by RemiX
SFX is banking on EDM to grow infinitly, but when the kids move on to something else, they are going to be in big trouble. |
Word. I was just saying this earlier - Sillerman is acquiring left and right, spending insane amounts on EDM. When the bubble bursts it's gonna hit em hard. |
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| Pantone199c |
| quote: | Originally posted by violethalo
Word. I was just saying this earlier - Sillerman is acquiring left and right, spending insane amounts on EDM. When the bubble bursts it's gonna hit em hard. |
Burn, baby burn. It's funny to see a company snatching up every bit of EDM. Don't they realize this is a passing fad like everything else here in the US? Remember when skateboarding was cool? or Beanie Babies? |
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| violethalo |
| quote: | Originally posted by Pantone199c
Burn, baby burn. It's funny to see a company snatching up every bit of EDM. Don't they realize this is a passing fad like everything else here in the US? Remember when skateboarding was cool? or Beanie Babies? |
I WAS SUPPOSED TO BE RICH, AND MY BEANIE BABIES AIN'T WORTH NOW. Thanks for reminding me, geez!
Also welcome back :D |
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| Pantone199c |
| Thanks! I'll be back stateside in about two days. Went to a monster Cocoon Event here in Scotland. I'll be writing up a review once I'm home. |
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| violethalo |
| quote: | Originally posted by Pantone199c
Thanks! I'll be back stateside in about two days. Went to a monster Cocoon Event here in Scotland. I'll be writing up a review once I'm home. |
Can you feel my jealousy? It is spanning several continents right now. |
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| AY STAR |
i mean good for them, they started out as local nyc promoters and built up their brand and sold it. yea their last few years have gone more commercial but 10 years ago they were taking chances and bookin artists no one else wanted to
but i think now after what happened with the deaths at ezoo they are trying to get more finacial backing for incase something like that happens in the future. less of a risk |
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