Court documents state it is not financially viable for SFX to retain music service
Beleaguer EDM behemoth, SFX Entertainment, has had a hell of a year. Back in January we brought you news that TomorrowWorld may not return in 2016, and now new documents seem to spell the end of their ownership of iconic music marketplace, Beatport.
As SFX goes through bankruptcy proceedings in the US, documents produced in court state that it is no longer financially viable for SFX to invest in the store and the parent company is looking to offload Beatport.
The court paper reads: "While the Beatport Assets are valuable to the SFX enterprise, given SFX’s current financial condition, SFX cannot afford to make additional investments in Beatport as may be needed in the future, and therefore, has decided to sell the Beatport Assets."
This means that Beatport is effectively up for sale. If you've got a lump of cash burning a hole in your pocket, all bids must be submitted by April 28th and the autcion will take place on 3rd May.
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01 Mar 2016