SFX, a once thriving company that started off selling their shares at $13 when they went public in 2013 have tumbled down to see their stock price worth about 13 cents per share, an astounding $300 million in debt and a market capitalization of just $30 million. Multiple times, Robert F.X. Sillerman, the CEO of SFX, had either promised to either buy the company back, making it private or to inject $30 million into the dying company, and on both occasions, missed the deadline.
Being the owners of so many major music festivals; Rock in Rio, Tomorrowland and Electric Zoo just to name a few, they bring millions of people together to bond over music. However, with cancellations due to weather related incidents and deaths at their festivals, SFX has struggled to turn a profit, posting a loss of $54.5 million in the quarter that ended on September 30th, with revenue falling by an estimated $10.3 million during the third quarter in comparison to the same quarter the previous year.
