On the outs are live entertainment chairman Joe Rascoff, who'll continue on as vice president of SFX's board of directors, and Chris Stephenson, who is leaving his position as chief marketing officer to form an outside marketing agency.
As part of the restructuring, Robert F.X. Sillerman, who is chairman and CEO of both SFX and Viggle, announced that SFX will take over the 25-person revenue team at Viggle. The three-year pact will combine the sales organizations of both companies.
"These organizational changes add fuel to the excitement now upon us," said Sillerman. "This will permit individuals to be hyper-focused on making sure all our constituencies are well served. The Viggle Revenue team brings an immediate new dimension, while combining the SFX inventory provides Viggle with more scale attractive to a broader base of advertisers."
That excitement was not necessarily felt on Wall Street, however. Following the announcement on Friday, SFX shares (NQ: SFXE) closed at an all-time low of $3.40 after opening at $3.74.
Sillerman strongly hinted at significant structural changes during an earnings call in November. "Having completed many acquisitions, we are in the process of determining where there is duplication, as well as where we can enter new businesses by reallocating people," he told Billboard at the time.