SFX Entertainment Offers T-Mobile Customers Free Streaming Through Beatport
EDM empire SFX Entertainment has announced T-Mobile as its Beatport charter partner, an expansion of the companies’ 2014 partnership which will extend a handful of benefits to T-Mobile customers. SFX, founded by entertainment mogul Robert Sillerman, bought out EDM companies like Disco Donnie Presents, ID&T and Beatport from 2012-2013 as part of a pledge to invest $1 billion in EDM within a year.
The most significant asset to T-Mobile customers through the new arrangement takes the form of free music streaming through the Beatport music download service. “This is an expansion of T-Mobile’s innovative relationship with SFX and will provide fans with music streaming through the Beatport service this festival season,” read an official press release, “all without burning their 4G LTE data.” T-Mobile’s sponsorship deals will extend to 8 U.S. festivals under the expanded partnership, and it will have its own Beatport profile as well.
“At T-Mobile we believe music should be without limits and our customers can stream all the music they want and never have to worry about excess data charges,” said T-Mobile Vice President of Sponsorships and Events Mike Belcher. “By working with SFX, we’re taking that passion for music to the next level and giving our customers more access than ever to the music they love.”
The announcement was released amid other curious SFX activity. On February 23rd, Sillerman offered $4.75 per share to buy back any publicly held stock in his company, which has inflated its stock value to nearly the same amount following its all-time low at $3.20 earlier in the month. The dip was followed by a slew of top-level January staffing changes. Despite the corporation’s lackluster stock performance over the past year, Maglan Capital - which owns approximately 1.5% of SFX Entertainment’s stock - called the $4.75 per share offer “a way low-ball bid,” estimating would a more reasonable share price fell near $10. An Albert Fried analyst named Richard Tullo remarked that it was “an insult to investors,” and recommended that SFX hire an investment bank to shop the company.
However, the offer by no means stands out as Sillerman’s strangest recent behavior. After Sillerman made rude gestures at members of the media during a visit to Winter Music Conference last spring, one stock analyst quipped, “We just want to make sure you are still sane.”
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