SFX is looking to sell Beatport. SFX is currently in Bankruptcy proceedings in the USA and they are looking to sell non core business assets and it looks like Beatport is one of those assets.
“While the Beatport Assets are valuable to the SFX enterprise, given SFX’s current financial condition, SFX cannot afford to make additional investments in Beatport as may be needed in the future, and therefore, has decided to sell the Beatport Asset,” explained the filing.
SFX had interest from 24 potential buyers, with 18 of them executing nondisclosure agreements to perform due diligence, and three submitting preliminary indications of interest. The final auction process is due to take place on 3 May, with a sale hearing in the court due for 5 May.
Beatport’s revenues fell from $46.5m in 2014 to $39.1m in 2015, sliding from a $7.1m profit to a $5.5m loss in that time, according to SFX’s most recent financial filings.