Stereosonic founders coming after SFX for $10 million
According to a report from The Music Network, Australian entertainment lawyer David Vodicka will be representing the five original promoters of Australia’s Stereosonic festival as they move forward in a lawsuit against SFX Entertainment. The promoters allege SFX owes them $10.84 million USD from the original price SFX Entertainment purchased the company for nearly three years ago.
Founded in 2008 by Totem OneLove Group, Stereosonic quickly became a major multiple-city event drawing tens of thousands of fans with headliners like Calvin Harris, Armin van Buuren and more. In 2013, SFX purchased it for $54.2 million USD, ownership transferred to SFX Totem Pty Ltd. When SFX filed for Chapter 11 bankruptcy earlier this year, SFX Totem released a statement claiming that Australian operations would not be affected; however, the festival was pulled from the schedule this April and SFX Totem went into administration soon after.
Via: Pollstar Pro