SFX Entertainment Enters Agreement To Acquire Two Midwest Festivals
According to a press release published on Market Watch, SFX Entertainment has agreed to purchase React Presents, which is known for putting on Spring Awakening Music Festival in Chicago and Summer Set Music & Camping Festival in Wisconsin. Last year, Spring Awakening was attended by nearly 78,000 people, and Summer Set had more than 33,000 attendees. In addition to organizing two major festivals, React Presents promoted almost 200 events in Illinois, Michigan, and Wisconsin during the 2013 calendar year. The total amount of attendees at their events was higher than 375,000. The company was founded by Lucas King and Jeff Callahan in 2008.
In the press release announcing the acquisition, Robert Sillerman, Chairman and CEO of SFX, had the following to say: “React Presents enhances the nationwide network of promoters for SFX and brings two new and highly successful festivals into our U.S. repertoire, which already includes TomorrowWorld, Mysteryland, Sensation, Electric Zoo, Disco Donnie Presents and Life in Color, and is further bolstered by a newly formed marketing and content partnership with Clear Channel Media and Entertainment. React Presents is a dominant player in the Midwest, so it was strategically important for us to join forces. React’s ability to put together and promote so many quality productions that excite so many fans will greatly add to our success and growth.”
The press release also featured Callahan's reasoning for partnering with SFX. He said, “After years of being Independent Festival / Concert Promoters in the Midwest, we are very exited to join the SFX family. We feel this strategic partnership with SFX Entertainment and its team of like-minded pioneers will make for a massive global company.”
SFX will also acquire Clubtix and West Loop Management as a part of the deal.
This will likely leave fans wondering, “Which company will SFX acquire next?” The corporation is constantly purchasing new companies in order to strengthen their position in the EDM industry. I am very interested to see what other acquisitions SFX will make in 2014.
[H/T: Market Watch]
Photo credit: Fabian Holt