Stereosonic founders coming after SFX for $10 million
According to a report from The Music Network, Australian entertainment lawyer David Vodicka will be representing the five original promoters of Australia’s Stereosonic festival as they move forward in a lawsuit against SFX Entertainment. The promoters allege SFX owes them $10.84 million USD from the original price SFX Entertainment purchased the company for nearly three years ago.
Founded in 2008 by Totem OneLove Group, Stereosonic quickly became a major multiple-city event drawing tens of thousands of fans with headliners like Calvin Harris, Armin van Buuren and more. In 2013, SFX purchased it for $54.2 million USD, ownership transferred to SFX Totem Pty Ltd. When SFX filed for Chapter 11 bankruptcy earlier this year, SFX Totem released a statement claiming that Australian operations would not be affected; however, the festival was pulled from the schedule this April and SFX Totem went into administration soon after.
Via: Pollstar Pro
Read More:
Universal Music Group purchases Fame House from SFX
Former Beatport CEO pens an open letter on how to save the site
Beatport is shutting down its news, streaming, and video platform
Categories: News