It just wouldn’t feel like the end of 2015 if we weren’t able to squeeze out one more piece of bad news for EDM conglomerate SFX Entertainment. After a year which saw disastrous stock value dives, high-profile lawsuits, major event cancellations and the flat-out endangerment of thousands of festival goers, it’s been revealed that the second company of the same name founded by Robert Sillerman’s partnerships with Spotify and TMWRK will not extend into 2016.
As of December 17th, Spotify’s business relationship with SFX-owned download platform Beatport was officially terminated, with the latter company owing $10 million to the former to honor a clause in their original agreement. So far, $2.5 million of the total has been paid, with the remainder due by July 1st of 2016.
In a somewhat opposite turn of events, management company TMWRK – which represents Jack Ü, Dillon Francis, A-Trak and Diplo – discontinued their partnership with SFX Entertainment, who acquired them in April of 2014, by paying them a settlement of $3.6 million.
Well, there’s still one more day in 2015. It’s a short window, but if there’s anyone who could still find a way to further screw themselves over with the time they’ve got left, it’s SFX Entertainment.
Published: Dec 30, 2015 03:40 pm