SFX arises from bankruptcy as new events company LiveStyleSf

SFX arises from bankruptcy as new events company LiveStyle

The proverbial “light at the end of the tunnel” is getting brighter by the day for the once ill-fated SFX. After a rough 2015 that led the behemoth events company to separate from ex-owner Rob Sillerman and filing for bankruptcy in February, things began turning around in spring when former AEG Live CEO Randy Phillips was brought on the team along with a crew of executives from ID&T and Q-Dance to restructure the debt.

By November, the $400 million restructuring plan had been approved from the courts. Now, the plan is coming into fruition: SFX will reemerge as a whole new company all together called LiveStyle, shedding its original name along with its ineffective business practices.

Phillips will be taking the company in a whole new direction, taking on a broader scope of the music industry other than EDM. The reason for this adjustment, he states, is ongoing controversy over drug-related issues in the electronic scene. Recent deaths and other terrifying stories circulated by the media have earned electronic music a bad reputation, which he states is “tough for a sponsor.”

He elaborates further on the name and general direction change: “Every time I said the name ‘SFX’ to someone, I got this negative reaction—people would make the sign of the cross.” By broadening LiveStyle’s reach, the ultimate goal is to increase gross earnings from $18 million to $50 million over the next three years.

Via: Thump

Read More:

SFX to emerge from 9-month bankruptcy

SFX hires Randy Phillips as new CEO, pending court approval

Executives from Q-Dance, ID&T rumored to be key players in SFX restructuring

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