Vivendi wins auction to buy SFX’s Flavorus
Vivendi Ticketing US LLC, a division of the British ticketing company Vivendi S.A., has been deemed the winner of the Flavorus auction that took place June 2 and 3. The $4 million offer to buy the SFX ticketing service was cited as “the highest and best bid,” and if the sale is approved, Flavorus will be sold at $13.1 million less than what it was initially purchased for just two years ago.
The sale is still pending, as a bankruptcy judge will consider giving the green light on the transaction on June 8.
Just before Memorial Day Weekend, it was revealed that SFX had sold digital marketing agency Fame House to Universal Music Group for $1 million. Weeks prior, Beatport announced that it would be shutting down its news, streaming and video platform to head up its initiatives on improving the Beatport Store.
More recently, Stereosonic claimed that it was owed more than $10 million from SFX, spanning nearly three years. The Australian electronic music festival is in the process of pursuing its legal remedies against the fallen dance music conglomerate.
Via: WSJ
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Stereosonic founders coming after SFX for $10 million
Universal Music Group purchases Fame House from SFX
Beatport is shutting down its news, streaming, and video platform
Categories: Music