UMG has purchased the firm, acquired by SFX Entertainment in 2013 to serve as the in-house marketer for ID&T and React festivals, for $1m
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"We had a bold vision; a revolutionary one. That we stumbled along the way can never detract from the energy and hope that brought us together," writes the outgoing CEO
By IQ on 01 Apr 2016
Robert FX Sillerman has officially stepped down as CEO of SFX Entertainment.
It was announced when SFX declared bankruptcy on 1 February that company founder Sillerman (pictured) would resign as CEO but remain as chairman. IQ revealed later that month that the dance music promoter, which floated on the New York Stock Exchange in October 2013 for an IPO of US$13 per share, had debts of $490 million, much of it owed to companies bought by SFX and still awaiting deferred purchase price payments.
Below is Sillerman’s farewell letter to SFX staff, circulated on Tuesday (29 March) and obtained by Billboard:
As most of you are aware Thursday, March 31, will be my last day as CEO of SFX. I will remain as Chairman of the Board. The disappointment I know we all feel should not be the lasting impression that remains. We had a bold vision, a revolutionary one. That we stumbled along the way can never detract from the energy and hope that brought us all together. As we enter this next phase, despite the place we find ourselves, there is much to be proud of. It remains incumbent on all of us to refocus our energies and find the path to success that is out there. I am confident that with renewed discipline combined with passion and creativity that our original goals can and will be met.
As Chairman I remain available to help in any way that I can. I maintain both an emotional and financial interest in our company’s success and intend to participate as and when called upon. As such this is anything but a goodbye; rather a reset of roles with a renewed emphasis on collaborative success. While we aren’t where we wanted to be, and will be, it has been an honor [sic] and a pleasure.