SFX Entertainment today (Oct. 1) gave an update on its attempt to gather bids for either a potential sale of the entire company or various pieces of the firm. After an attempt over the spring to take the company failed, Robert Sillerman doubled down on trying to find potential buyers. The go-shop period for bid was originally slated to end tomorrow Oct. 2, but according to a statement, SFX has extended the bidding deadline to Oct. 14.
Once the bids are in, though the extension would suggest that SFX has not gotten the bids it would have liked to see, if any at all, a special committee will vote on any potential sales.
With all the turmoil surrounding SFX Entertainment it is no surprise that the company has been had to extend its current bidding period. The share price sits at a paltry $.53 at close of markets today, down dramatically from its IPO of $13.
The company does appear to be selling off its assets as an alternative to trying to selling off the whole firm, which is buckling under the weight of its far too rapid expansion after gobbling up EDM promoters like candy in 2013 and 2014.
According to a report earlier this week, the company is planning a fire sale of its most prized assets. Among those who are reportedly on the block include Beatport, React Presents, Flavorus, ID&T, Mounental Productions, Totem Onelove Group and a 50 percent stake in Alda Holding.
SFX has had a tough go of it financially, but things only got worse over the weekend, when a nightmarish scenario played out at TomorrowWorld, its last major festival of the season. Due to torrents of rain over the first two days, cars and shuttles were stranded and then canceled, leaving those who did not camp stranded. The backlash on social media was immediate felt and caused another PR nightmare for the struggling firm.