The constant EDM news coverage on the controversial CEO of SFX Entertainment Robert Sillerman seems to keep getting worse for the electronic dance music mogul and his EDM monopoly.
Worldwide EDM festival creator and electronic dance music promoter SFX Entertainment is considering filing for bankruptcy, according to Forbes.
SFX Entertainment owns many other EDM companies such as Tommorowworld, Beatport, Tomorrowland, Mysteryland, Disco Donnie Presents, Sensation, Electric Zoo, Mayday, Life In Color, and more and many more.
If SFX goes under, How will this effect some of the biggest EDM festivals and Beatport?
The news of the potential restructuring for SFX Entertainment comes after Sillerman took investors on a long 10 month roller coaster ride. Not including the failed bids, and additional funds to keep the money losing company from sinking like the Titanic.
SFX Entertainment’s stock symbol is SFXE and lists their shares on Nasdaq with an evaluation exceeding $1 Billion for 2016.
SFX Entertainment is considering filing for Bankruptcy only 26-Months after their $260 Million IPO on the Nasdaq stock market.
This electronic dance music news comes about 6 months after Robert Sillerman allegedly cheated out other company co-founders to make SFX as powerful as it is now. By allegedly acquiring such a large business deal only with the help from the other co founders, who say they didnt receive what they were promised.
Read more at Forbes.