As the bankrupt promoter goes through a process of restructuring, it looks like download service Beatport will be the first subsidiary to go
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Reports suggest Randy Phillips, who was CEO of AEG Live for 13 years, will take over as chief executive of SFX Entertainment when it announces a new restructuring plan
By IQ on 26 Jul 2016
Randy Phillips, the former CEO of AEG Live, will reportedly take over the running of SFX Entertainment when it emerges imminently from administration.
Two sources – quoted by The Wall Street Journal’s (WSJ) Matt Jarzemsky and Pollstar’s Dave Brooks – suggest Phillips, who most recently served a seven-month stint as CEO of Ashley Tabor’s Global Entertainment, will be appointed chief executive of the dance music promotion group when it announces a new restructuring plan following the termination of its previous agreement with creditors last month.
Phillips was CEO of AEG Live for 13 years. Under his leadership, the world’s second-largest concert promoter expanded its festival division (Coachella, Stagecoach, New Orleans Jazz & Heritage Festival) and brokered a planned 50-show comeback run by Michael Jackson at The O2 Arena in London. Phillips and AEG were sued by Jackson’s estate in a wrongful death trial following the singer’s passing, although the court found in favour of AEG.
Since filing for bankruptcy on 1 February, SFX has auctioned off ticketing company Flavorus to See Tickets/Vivendi and digital marketing firm Fame House to Universal. Its digital music store, Beatport, was also up for sale before being withdrawn earlier this month.
The new arrangement would, reports WSJ, hand over the company to senior creditors including Allianz and Axar Capital Management, with junior creditors – mostly independent promoters acquired by SFX in recent years – receiving a “small stake”.
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