SFX and Clear Channel partner up, bring Beatport Top 20 to terrestrial radio
Fourteen years ago Robert Sillerman sold his original concert promotions company, SFX Entertainment, to Clear Channel Communications for $3 billion dollars. Now he takes the second iteration of the SFX brand back to Clear Channel, this time for a market partnership with the radio giant on numerous initiatives including a talent search competition for DJs that will air on stations nationwide. The partnership also features a weekly top 20 Beatport countdown, the music juggernaut that Sillerman purchased in mid-2013 for $50 million.
Information on the terms of the deal remain undisclosed but Mr. Sillerman is quoted as saying; “It always stunned me that there wasn’t a closer relationship between radio and live entertainment.”
John Sykes, Clear Channel’s President of Entertainment Enterprises expressed his company’s interest in looking for every possible way to connect with growing EDM culture.
“EDM is quickly becoming mainstream in our culture – we found ourselves looking for every possible way we could connect with our audience in EDM. The great thing about DJing is that consumers can connect to it personally – you can DJ in your basement. It doesn’t require a ton of money or schooling to pick it up.”
The current deal is still in its infancy and far smaller in scope than the previous sale that resulted in the birth of Live Nation Entertainment but, if Sillerman’s vision and past successes are any indication, history may just repeat itself.
When asked about a possible acquisition both Sillerman and Sykes remained mum. According to Sillerman, “We always operate companies as if we’re going to own them forever.”
Via: Wall Street Journal