Skip to main content

festival > News

Stereosonic Parent Company To Be Sold For $75 Million In Cash & Stock

Sydney's Stereosonic in 2012. Pic by Jarret Rigg.
Jun 28th 2013 | 2:30pm | Dan Condon
The newly revived SFX Entertainment, which entrepreneur Robert F. X. Sillerman is looking to develop into a powerhouse in the world of electronic dance music, has set its sights on acquiring Australia's Totem, the company behind mammoth dance festival Stereosonic. In The Mixreported the potential purchase of the company this morning, confirming Totem to be part of the company's proposed $1 billion in acquisitions through 2013.

A look at the Initial Public Offering that SFX has filed with the United States Securities And Exchange Commission on Tuesday 25 June confirms their interest in purchasing Totem as a part of an asset contribution agreement. The company will sell for a combination of AUD$60 million in cash and AUD$15 million in company stock.

SFX is reported to have already made a AUD$5 million deposit on the company, funded on Wednesday 22 May.

The company has already acquired massive electronic online digital music store Beatport, American promoters Disco Donnie Presents and Life In Color and 80 percent of MMG Nightlife, a management company dealing with some of South Beach, Florida's biggest EDM venues.

Their IPO states:

“To date, SFX has acquired four businesses and acquired an interest in one joint venture. SFX also expects to complete four acquisitions simultaneously with or shortly after the closing of this offering: its acquisition of a 75% ownership interest in the worldwide business (the "ID&T Business") of ID&T Holding B.V. ("ID&T"), its acquisition of a 60% equity interest in i-Motion GmbH Events & Communication ("i-Motion"), its acquisition of 100% of Totem Onelove Group Pty Ltd and Totem Industries Pty Ltd (collectively, "Totem") and its acquisition of a 70% equity interest in Made Event, LLC and EZ Festivals, LLC (collectively, "Made").”

theMusic.com.au called Totem for further information this afternoon, but the a representative from the company said they were unable to comment at this time.

Comments

Related Articles



Poster IT

Connect with The Music

Subscribe to Daily Newsletter