Ailing dance music conglomerate, SFX Entertainment—which filed for bankruptcy last month—has announced its plans to auction off two of its assets: the online music store Beatport, and the digital marketing agency Fame House, according to Billboard.
SFX originally acquired Beatport in 2013 for $50 million, back when its former CEO Robert Sillerman had unfulfilled dreams of dominating the EDM market.
Yesterday, March 2, SFX filed a motion with the federal bankruptcy court to auction off its Beatport assets. According to the filing, Beatport and SFX's financial advisor Moelis & Company have been in contact with "approximately 18 potential buyers," and that "Moelis has prepared a list of additional parties to contact with respect to the Beatport Assets."
In order to become a qualified bidder in the auction, interested parties must deliver a written offer by April 28. Bidding will commence on May 3, and end two days later on May 5.
SFX is also looking to auction away Fame House, which serves as the "chief digital agency" for Beatport, event producers ID&T and Disco Donnie Presents, and more. It was acquired by the conglomerate for an undisclosed amount in 2013, and its slogan is "(R)evolutionary Digital."
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