SFX Entertainment Extends Firesale Deadline, Prepares To Sell Assets
SFX Entertainment is giving potential investors more time to decide if they want to put money into the struggling company, as CEO Robert Sillerman extends the bidding period out until October 14. SFX Entertainment has made headlines over the last several months after going public, as stock prices for the concert giant plummeted and attempts to take the company private again floundered.
Steven Azarbad, a former investor in SFX, commented on Sillerman's decision to extend the deadline, as well as stating that handling such an investment was a nightmare for him.
"It's good to see Sillerman fall in line and agree to vote his shares in favor of whatever deal the special committee agrees to. Thankfully we sold out of it a while ago. It's been a real mess of an investment. We sold out of it when it was five bucks a share. Now it's 55 cents? That's pretty gross."
SFX is currently attempting to drop some of their assets in a firesale, putting Beatport, ID & T, and others. While the company is currently valued at approximately $300 million, its price in stock shares comes out to just $44 million at the current share price. To make matters worse, the company will lose more money in the next quarter when they have to refund some of their tickets sales after the weather issues at TomorrowWorld.