Following the announcement of SFX Entertainment bankruptcy, the company is forced to dispose of its assets to face its huge financial losses after having seen its stock plunged by more than 95 % and following the online store Beatport’s loss of over $5 million in revenue.
The process of auctioning off the download service has begun and a prior statement that initial negotiations would begin in April.
Earlier this month, SFX Entertainment has revealed that in order to stop their heavy financial decline, they would begin speaking with 24 independent parties interested in purchasing the legal download plateform Beatport. They also stated that the primary bids would be lodged by April 28th and the auction taking place on May 3rd. SFX Entertainement will accept bids of $250,000 and above, with a final winner announced on May 5th.
The official document which has been put on internet, outlines the specific legal circumstances around the auction as well as the developments that led to SFX’s bankruptcy declaration. The document reports that Beatport’s all assets will be officially up for sale in the coming weeks. You can read it in details below :
Beatport Legal Document by MattMeadow