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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The EDM music download store, the sale of which would have provided its parent company with some much-needed cash, is as of yesterday no longer up for grabs
By IQ on 13 Jul 2016
Just over four months after announcing it was seeking a buyer for Beatport, bankrupt dance music conglomerate SFX Entertainment has taken the download service off the market.
A motion filed in the Delaware bankruptcy court yesterday (Notice of Withdrawal of Motion of the Debtors for Entry of an Order: (I) Authorizing the Sale of All or Substantially All of the Assets of Beatport, LLC Free and Clear of All Liens, Claims, Encumbrances and Interests; (II) Approving the Final Asset Purchase Agreement; (III) Authorizing the Assumption and Assignment or Rejection of Certain Executory Contracts and Unexpired Leases; and (IV) Granting Related Relief) by SFX’s solicitor, Greenberg Traurig, revealed that Beatport is no longer for sale. No reason was given for the move, and it is unclear whether SFX has had any interest from potential buyers.
Beatport was the last SFX subsidiary known to be up for sale following the auctioning off of marketing firm Fame House and ticketing business Flavorus to Universal Music Group (UMG) and UMG parent Vivendi, respectively.
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