SFX TO BECOME LIVESTYLE INC.
SFX has returned from its bankruptcy announcement with LiveStyle Inc.
SFX Entertainment has come out from bankruptcy and has rebranded itself as LiveStyle Inc. It will go on with President and CEO Randy Phillips at the helm.
The company continues to operate music properties like Life in Color, Mysteryland, and LIV nightclub, along with Q-Dance, Decibel, Tomorrowland, Awakenings, Back-To-School, Air, Qlimax, and Sensation among many others. Phillips will lead LiveStyle’s operations from the worldwide headquarters in Los Angeles.
“LiveStyle has the same potential that AEG Live had when I assumed the reins of that company as CEO. In fact, it has many more assets to build upon, has an impressive management team, especially at the event level, including most of the original founders of these world-renowned festival brands. Armed with no debt, a re-capitalized financial structure, and an incredibly supportive board, we will build LiveStyle into an essential company in the live entertainment sector. Having done this once before, my team and I are very excited to get started.”
Charles Ciongoli will serve as executive vice president and chief financial officer, the senior vice president will be Alan Walter, Jason Barr will also serve as senior vice president, along with general counsel and corporate secretary. The company’s board will include Phillips, Ciongoli, and representatives from the company’s various equity owners.
Andrew Axelrod, Managing Partner, Capital Management LP, and a member of the board comments-
“We are very supportive of the company and the many original founders and entrepreneurs that remained through the restructuring process, sharing in the vision of its tremendous potential. It is a very unique media platform that meets the ever increasing demand by consumers for exclusive, immersive experiences. With new leadership, including CEO Randy Phillips, and through focused investment and disciplined growth, we believe that LiveStyle will evolve into one of the world’s leading live entertainment platforms.”
LiveStyle will continue to operate Paylogic and Beatport. It also runs PlusNetwork in Brazil, along with the various festivals all over the world.