Flavorus becomes See Tickets
Vivendi has rebranded Flavorus, the ticketing company it acquired from then-bankrupt SFX Entertainment for US$4 million in June, as See Tickets, bringing it into line with its US ticketing operation.
Along with See Tickets UK and French company Digitick, See Tickets North America – of which Flavorus’s clients is now part – collectively comprise Vivendi Ticketing, part of the French multinational’s Vivendi Village division.
The deal will, says Vivendi, “fully leverage the global assets” of the See brand.
“The merger of our two companies brings a list of large and sophisticated clients under the same brand”
“The merger of our two companies brings a list of large and sophisticated clients under the same brand,” says Boris Patronoff, CEO of See Tickets North America. “With nearly 40 years of business between the two companies, See Tickets will continue to specialise in coveted events in all verticals. We are confident in the company’s roadmap for the coming years, and we remain dedicated to delivering outstanding service to our clients and customers.”
Vivendi increased revenues by 5.9% in the third quarter of 2016, with Vivendi Village growing 12.1% on a constant-currency basis compared to 2015.
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Vivendi buys Flavorus from SFX
Vivendi Ticketing, the Delaware-based subsidiary of French mass media conglomerate Vivendi that owns See Group (See Tickets UK and US) and Digitick, has agreed to acquire Flavorus from SFX Entertainment for US$4 million.
Vivendi, also the parent company of Universal Music Group (which bought marketing agency Fame House from SFX last month), won an auction held at the New York offices of law firm Greenberg Traurig on 2 and 3 June. It offered $4m in cash, minus the ‘estimated closing aggregate cure amount’, or debts owed by Flavorus, of which the largest are to SFX’s own festivals: $944,000 to Spring Awakening and $1.2m to Mysteryland. (The court document notes, however, that these debts are “expected to be $0 at the closing [of the sale] since [they] will occur after ticket proceeds for [these events] are fully settled with the client.”)
Vivendi offered $4 million in cash, minus debts owed by Flavorus
Other creditors owed money by ticket outlet Flavorus, which has exclusive ticketing rights to dance music festivals HARD and Electric Daisy Carnival, include beauty/lifestyle brand BeautyCon ($127,189.53), gay festival Long Beach Pride ($245,421.79) and live streaming company Paxahau ($163,588).
The final purchase agreement will go before the Delaware bankruptcy court for approval this Wednesday (8 June).
There has so far been no update from the court on the claim by out-of-pocket cloud computing company Salesforce, which was as of 23 May seeking over $300,000 from Flavorus’s eventual buyer.
SFX’s Flavorus auction hits a snag
Salesforce, a San Francisco-based cloud computing firm employed by SFX Entertainment to provide it with customer relationship management (CRM) software, has objected to the bankrupt promoter’s sale of its ticketing subsidiary, Flavorus, unless a court order is issued that protects its “rights and interests”.
SFX, which filed for bankruptcy on 1 February 2016, is currently in the process of auctioning off Flavorus, which has exclusive ticketing rights to dance music festivals HARD and Electric Daisy Carnival.
Salesforce is seeking a guarantee from Delaware’s bankruptcy court that whoever buys Flavorus will be compelled to pay it US$202,510.77 in outstanding debt and an additional US$125,019.38 to pay off the rest of the contract, which runs until February 2017.
Salesforce wasn’t the only contractor left out of pocket when SFX went under: as of February, air charter firm VistaJet ($1m), Epic Tents ($442,650), PRS for Music ($327,680), app-builder Postlight ($315,000), Front Gate Ticketing ($301,400) and event medical services company CrowdRX ($269,600) were all owed substantial chunks of money.