The infamous SFX Entertainment is receiving bad press once again. As of yesterday, SFX Entertainment has agreed to a massive payout. At $7.5 million, the settlement is in regards to a suit alleging SFX fraudulently tried to bolster the company’s stock price.
The settlement stipulates that D. Geoffrey Armstrong, John Miller, and Michael John Meyer pay $6.75 million. This is to occur within 21 days of the settlement’s approval. Meanwhile, CEO Robert F.X. Sillerman will be contributing an additional $750,000. The agreement specifies that plaintiffs will have a claim to the $750,000 as part of the reorganization plan for Sillerman’s personal bankruptcy proceedings, which were initiated in 2017 by a different group of creditors.
LiveStyle Saves SFX Entertainment
LiveStyle, formerly known as SFX Entertainment took over in 2016 when the company went bankrupt. Overseeing organizations such as Beatport and Tomorrowland, LiveStyle seemed to pick up the pieces and save SFX during this time. Covering over 6 continents, 20 countries, 1000 Events and over 3.5 million concert attendees world-wide, LiveStyle really helped build something incredible. From their website:
One of the world’s largest music event producers, LiveStyle boasts a wide variety of leading live music properties. LiveStyle produces and promotes single and multiday music festivals across North America, Europe, South America, Australia, and Asia. North American key operating entities include Made Event, React Presents, Disco Donnie Presents, and Life In Color, along with festivals and brands such as Electric Zoo, Spring Awakening, FriendShip, LIC Miami, BLNK CNVS, and AMFAMFAMF. In Europe, the company boasts key operating entities such as Monumental, B2S, ID&T, i-Motion, and Q-Dance, and festivals and brands including Decibel, Mysteryland, Awakenings, back2school, Air, Qlimax, Nature One, and Sensation.