SFX Entertainment’s latest move is re-focusing Beatport, turning it into a free streaming service that currently has no advertisements. The new streaming service will be part of T-Mobile’s Music Freedom program, meaning that T-Mobile users can use the service on mobile without using up 4G data.
As this happens Robert F.X. Sillerman, Founder, CEO, and Executive Chairman of the Board hopes to take the company private. Sillerman has offered to buy the majority of shares that he doesn’t own for $4.75 per share in cash. SFX closed at $3.70 per share on February 24th, but is trading at $4.76 per share at of February 25th 10:19 AM PST.
SFX went public in October, 2013. They priced their IPO at $13 per share.
Sillerman says he “is prepared to assist” if the Board decides to sell to an alternate buyer.
Forbes reports that minority shareholder Maglan Capital is unhappy with Sillerman’s offer. Maglan owns 1.5 percent of stock. They think the company is worth over $10 per share.
Nina Ulloa covers breaking news, tech, and more: @nine_u