SFX chooses not to sell Beatport

  • Published
    Mon, 25 Jul 2016, 07:51
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  • The entertainment conglomerate was going to sell off the site as part of its plan to emerge from bankruptcy.
  • SFX chooses not to sell Beatport image
  • SFX has canceled plans to sell Beatport. The live music and entertainment giant has spent the year recovering from a financial crisis that ended in bankruptcy. Their plan for emerging out of Chapter 11 bankruptcy included selling some properties—among them Fame House, Flavorus and Beatport. The music downloads site also eliminated its non-essential functions, stripping away its distribution service and editorial to focus specifically on its role as a marketplace for digital audio files. The Beatport auction was scheduled for May, then postponed, and last week SFX announced that the sale is canceled altogether. "The changes we implemented have laid a strong foundation for Beatport that have dramatically improved its profitability," said Beatport's VP of marketing, Terry Weerasinghe, in a statement last Thursday. "As a result of these improving trends, SFX has determined that retaining ownership of Beatport is in the best interest of the company and has withdrawn its motion to sell Beatport through the Chapter 11 process."