SFX Officially Acquires 50% of Rock in Rio

The behemoth that is SFX Entertainment is continuing to grow. We announced back in November that the contracts were underway. It’s now official that SFX has acquired a 50% interest in the company that controls Rock in Rio, one of the biggest festival franchises in the world. The acquisition, valued at $62.3 million, will add Rock in Rio to the already impressive list of festivals that SFX owns that consists of Life In Color, Tomorrowland, Mysteryland, Sensation and Electric Zoo, among many others.

Chairman and CEO Robert Sillerman had this to say on the acquisition:

We are very excited to be partnering with Roberto. Utilizing our global promoter network, we can build and grow the Rock in Rio brand internationally. We can also learn from Roberto, who has masterfully developed Rock in Rio into a true global phenomenon. Modern music festivals are also featuring more and more electronic music, and we see this new relationship as an opportunity to showcase more of the DJ’s and Producers in our network.”

Rock in Rio has been held 13 times and has drawn over 7 million people in 3 different countries over a 28 year festival history. The president of Rock in Rio Roberto Medina added to the statement by saying:

“We are thrilled about our future with SFX, after passionately building our brands for the past three decades. We now look to expedite the growth of our brands into new parts of the world. We also are ready to move our business forward rapidly into the digital age, taking full advantage of the expertise at SFX.”

H/T Yahoo Finance