- The American promotions company has agreed to buy the dance music download store.
SFX Entertainment will purchase Beatport for an amount reported to be just over $50 million.
As the New York Times reports, the entertainment promotions giant, founded by Robert F.X. Sillerman, has purchased the digital music retailer as part of a "plan to build a $1 billion empire on the electronic dance music craze." SFX was founded in the '90s as a promotions company before being sold to Clear Channel, but was revived last year in a bid to enter the nightclub and dance music market. Beatport's CEO, Matthew Adell, is quoted as saying that the purchase would allow them to enter developing markets around the world, as well as turn their attention towards live events.