SFX ENTERTAINMENT TO AUCTION OFF BEATPORT
The troubled promoter is selling off the digital music store as part of its bankruptcy restructuring
SFX Entertainment is auctioning off Beatport to pay down its debts.
According to Billboard, the process of selling off the online music store is already underway with bids being accepted until 28th April ahead of the auction on 3rd May.
Court filings have revealed that 24 parties have expressed an interest in buying the retailer.
A Beatport statement reads: "We are both flattered and encouraged by the number of companies that have already expressed an interest in acquiring Beatport.
For over 12 years, Beatport has served as the global source for electronic music worldwide. This legacy, and the complete music experience we have built around it, will continue to guide our vision. As always, our priority remains our customers and partners. We are excited for the future."
SFX acquired Beatport in 2013 for $50m. The music store went on to lose $5.5m in 2015 despite making efforts to diversity by adding a streaming service.
SFX is currently undergoing restructuring after declaring chapter 11 bankruptcy earlier this year.
