SFX Entertainment has adopted a flatter structure, with Greg Consiglio named President and CEO of Beatport.
The news comes shortly before SFX CEO Robert Sillerman hopes to take the business off the stock market by buying all shares in the company he doesn’t currently own.
SFX and an affiliate of Sillerman signed a merger agreement on May 25, under which SFX stockholders will receive $5.25 in cash for each share of SFX common stock they hold.
SFX is currently in a “go shop” period, which expires 5:01 PM EDT on Friday (July 24), during which the company is permitted to solicit acquisition proposals from alternative purchasers.
Once accomplished, Sillerman intends to take SFX private.
Consiglio (pictured) had been serving as President and COO of SFX Entertainment, and Sillerman said there are no plans to fill those positions.
Founded in 2004, Beatport recently launched a new music streaming service on the web and via mobile apps along with the new Beatport Live web-broadcasting platform.
Consiglio is its first CEO since Matthew Adell stepped down as boss of the company last year.
In addition, Wouter Tavecchio has been named CEO of SFX Europe.
Jeroen Jansen, Creative Director of SFX Live North America, will relocate to Los Angeles where SFX also plans to consolidate several of its offices.
“Beatport is a critical component of the overall SFX Entertainment strategy and will become an integral part of our live event business.”
Greg Consiglio, Beatport
“The moves underway at SFX show a broader commitment to powerful business lines and emphasize the importance of brand operations,” said Robert F.X. Sillerman, Chairman and CEO of SFX Entertainment, the parent company of Beatport.
He noted that SFX has also established a new global steering committee comprised of Consiglio; Ritty Van Straalen, President and CEO of SFX Live; Richard Rosenstein, CFO of SFX; Kevin Arrix, EVP of Brand Partnerships for SFX, and a number of entrepreneurs whose businesses have been acquired by SFX.
“We are moving to a more distributed organizational structure,” Sillerman said.
“We are pushing more of our operations to the local and regional levels around the world, as opposed to maintaining a corporate structure at the top.”
Beatport adds about 25,000 new tracks a week through relationships with over 43,000 independent and major labels and has paid over $181 million to rights holders and electronic music creators since 2004.
“Beatport is a critical component of the overall SFX Entertainment strategy and will become an integral part of our live event business and fan experience from event listings and music curation to activations at all SFX events worldwide,” Consiglio added.
“I am really excited to take on this critical role within SFX and Beatport to help drive our vision forward as the Home of Electronic Music.”
SFX produces over 1,000 events and festivals in more than 30 countries annually, including Tomorrowland, which recently held its first Brazilian edition and sold out 180,000 tickets.Music Business Worldwide
