Following recent news that EDM conglomerate SFX Entertainment will auction off music marketplace Beatport and ticketing platform Flavorus in May, rumors of several similar transactions have reached the Dutch media. Namely, sources suggest that Dutch promotional company ID&T will undergo a relatively painless exchange of hands compared to the North American brands put up for auction so far by the corporation.
According to market rumors outlined in a piece published by Dutch magazine Quote, a post-bankruptcy incarnation of ID&T is on the horizon that will have headquarters in Amsterdam, Netherlands. However, the anonymous sources cited in the article did not offer any insight as to what the new company’s ownership structure might look like.
Even if this particular piece of gossip hadn’t came to light, ID&T’s split from SFX was already more than plausible. After all, the iconic promotional company already revealed its intentions to part ways with its beleaguered parent company months ago.
Shortly after SFX Entertainment filed a bankruptcy court petition in February, ID&T festival Tomorrowland’s organizers issued a statement expressing that their “vision and goals, including a long-term strategy, are different from those of the publicly listed company.” Because Tomorrowland co-founders Manu and Michiel Beers bought back ID&T’s 50% share in the festival after it was acquired by SFX in 2013, it hasn’t suffered a discernible negative impact as a result of the company’s financial woes.
Nonetheless, the sources indicated that ID&T’s company structure would see novel changes with the addition of Wouter Tavecchio and Jan Lok (the co-founder of event organizer Q-Dance and founder of event organizer B2S, respectively). Interestingly, the sources also purport that both aforementioned brands, which are currently SFX assets, will break away from the conglomerate during the course of the restructuring as well – in addition to the Dutch festival Awakenings and the German promotional company i-Motion.
With the frequency of new developments arising from SFX Entertainment‘s bankruptcy court proceedings, it shouldn’t be long before further details of ID&T, Q-Dance, B2S, Awakenings and i-Motion’s departure from the company are available.
Published: Apr 18, 2016 11:39 am