SFX takes Beatport off the market
The EDM music download store, the sale of which would have provided its parent company with some much-needed cash, is as of yesterday no longer up for grabs
News By IQ | 13 July 2016
Just over four months after announcing it was seeking a buyer for Beatport, bankrupt dance music conglomerate SFX Entertainment has taken the download service off the market.
A motion filed in the Delaware bankruptcy court yesterday (Notice of Withdrawal of Motion of the Debtors for Entry of an Order: (I) Authorizing the Sale of All or Substantially All of the Assets of Beatport, LLC Free and Clear of All Liens, Claims, Encumbrances and Interests; (II) Approving the Final Asset Purchase Agreement; (III) Authorizing the Assumption and Assignment or Rejection of Certain Executory Contracts and Unexpired Leases; and (IV) Granting Related Relief) by SFX’s solicitor, Greenberg Traurig, revealed that Beatport is no longer for sale. No reason was given for the move, and it is unclear…
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