SFX announced that it has secured $60 million in new financing. The company also refinanced its $30 million revolving credit facilities for a total of $90 million. “While the Company continues to explore strategic alternatives, this solidifies SFX for the short and long term, so we can focus on producing great festivals and events and operating globally recognized digital properties,” founder and CEO Robert F. Sillerman said.
The EDM specialist, which puts on events and festivals as well as operating Beatport, has been in bad financial straights for a few weeks. It recently restructured and appointed a new CEO for Beatport, but still posted a big spike in its quarterly losses. Sillerman had made an effort to take the company private but was unable to secure backing as share prices have been dropping.