Billionaire entertainment mogul Robert F.X. Sillerman announced in early June that he'd be making a return to the live entertainment industry, and today he made his second purchase toward that end, acquiring Dayglow productions, which goes by the tagline "The World's Largest Paint Party."

Robert F. X. Sillerman Returning To Live Biz, Eying EDM Companies

Sillerman announced his intentions to delve into the burgeoning EDM scene, and made Donnie Disco Presents -- the promotion company of EDM guru Donnie Estopinal -- his first purchase. Dayglow is the second in what is expected to be a series of acquisitions, with Sillerman telling the New York Times in June that he was in negotiations with up to 50 other companies, with tentative agreements in place with around 15 of them. It was also reported that his newly-formed organization would be laying out $1 billion over the course of the year to acquire these companies.

Dayglow was created six years ago by Sebastian Solano, Paul Campbell, and Lukasz and Patryk Tracz, and puts on more than 125 shows around the globe each year, nabbing over 500,000 attendees and attracting talent such as Diplo, Steve Aoki and Alesso. The brand's signature is its paint blast, which gave it its moniker.

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"Dayglow has become one of the leading brands in EDM and developed a winning formula," said Sillerman in a statement. "We're looking forward to working together to further leverage the Dayglow brand in the U.S. and abroad, and expanding their offerings."

Dayglow has courted controversy lately with a number of hospitalizations and arrests at some of its events toward the end of last year, prompting a string of cancellations of events in Brooklyn, Dekalb, and Saginaw.

Sillerman also noted that his company, in addition to further expansion, would be developing some products that would aim to engage fans and concert attendees before and after they attend events. "Most EDM fans attend three to five events a year," he said in the statement. "There are 360 other days in a year. We want to extend the experience well past the time they are attending an event and enjoying it."