SFX Entertainment just won’t stop…
SFX isn’t kidding when they say they are the “largest global producer of live events and digital entertainment” for electronic music. And that claim is getting loftier: most recently, Tunezy, Fame House, and Arc90 were added to SFX’s large portfolio of companies, with EDM laggard Live Nation struggling to finance something similar.
Yesterday, SFX announced they had acquired 100% of Totem OneLove Group Pty Ltd‘s assets. The deal is estimated to be worth around $71 million.
Totem is the company behind large festivals such as Stereosonic and the Australian version of Creamfields. Both are held in cities throughout Australia. Totem also produces smaller events and tours for major artists.
This is all part of SFX’s plan for global EDM domination. Chairman and CEO Robert F.X. Sillerman remarked this acquisition is “an important step as we expand into the huge Southeast Asia market“.
Sounds grandiose and exciting, though investors aren’t as optimistic as Sillerman. SFX’s stock is still trading at around $9 a share, after a soggy IPO strike price of $13.
Image by Kane Hibberd, licensed under Creative Commons Attribution 2.0 Generic (CC BY 2.0)