Robert Sillerman, often criticized for bringing wall street into dance music, recently made an unsuccessful attempt to re-privatize SFX Entertainment. SFX has consolidated much of the electronic dance music industry across all sectors, acquiring a number of large companies such as Beatport and ID&T.
On Friday, SFX said that it is considering “strategic alternatives,” such as selling off the company, either in parts or as a whole, and is open to all offers through October 2nd. This announcement comes following record-high quarterly losses and a great deal of recent controversies such as a $100 million lawsuit filed by his former partner Paolo Moreno and a battle with SFX subsidiary, Beatport, over unpaid royalties. SFX recently announced a second-quarter loss of $48 million, and just this week, its stock has fallen more than 50%, down do an all-time low of $1.39 per share; just two years ago, the company went public at $13 per share, and the price has been steadily declining ever since.
