The divestments commence as the dance promoter continues the process of bankruptcy restructuring.
Dance event promoter SFX Entertainment is in negotiations to sell its streaming/download service Beatport, an unsurprising event that will help the debt-laden company pay down its debts. Beatport was acquired in 2013 for $50 million to be an online platform to reach artists, producers, DJs and EDM fans.
According to a court filing, SFX talked with 24 parties that expressed interest, with 18 signing non-disclosure agreements and performing due diligence. Bids on the company, a stalwart in the dance community, are due by April 28 ahead of an auction that will begin with the highest bid received by April 28 and commence in increments of no less than $250,000 in cash or cash and non-cash considerations, on May 3. The court will approve the sale on May 5.