SFX Entertainment will wholly acquire Electric Zoo Festival producer Made Event, after previously announcing it would take a 70% stake in the company.
In a statement, SFX chairman and CEO Robert Sillerman said he plans to take the Electric Zoo brand international and make use of Made co-founders Mike Bindra and Laura DePalma’s expertise in the field for additional, U.S.-based projects.
“After years of independence, we couldn’t be happier about our venture with SFX,” said Bindra in a statement. “To date, SFX has brought together the top companies and individuals in the electronic dance music industry.”
The move communicates that SFX is confident that the perceived stigma of EDM’s underlying drug culture, which has been problematic for some music festivals — EDM or otherwise — will not hinder SFXs business strategy of rapid expansion through acquisitions.
This past September, two fans died and three more were hospitalized at Made’s Electric Zoo Festival causing the cancelation of the event’s last day.
Around the time of his company’s initial public offering, Sillerman said of the drug use and safety at EDM festivals that “Kids will do foolish things — tragically so. Our responsibility is to deal with that and make them safer then they could possibly be at any other environment — including their home.” To that end, SFX put Dr. Andy Bezos, a specialist in crowd medicine and the medical practitioner for Madison Square Garden, Yankee Stadium and the U.S. Open, on his board when he started his company.