Amidst the dissolution of SFX Entertainment after filing for chapter 11 Bankruptcy this past February, some of the entertainment world’s largest names have been changing hands. SFX has been forced to auction off its many brands including the music marketplace Beatport, and TomorrowWorld organizer ID&T, in hopes to recover from the massive debt that was incurred by the company. One of the most recent subsidiaries to be put on the block was online ticket marketplace Flavorus.
It has just been announced that French multinational media conglomerate Vivendi has purchased Flavorus for $4 million. SFX just only recently purchased Flavorus and it is expected that this deal will become final in the near future pending validation from a bankruptcy judge. The SFX bankruptcy situation has created much turmoil among the electronic music community, but has also given rise to new opportunities and given rise to new players in the marketplace. It will be interesting to watch the dust settle in the months to come.
Via: Amplify
