SFX Emerges From Chapter 11, Rebrands As LiveStyle Inc.
SFX has emerged from Chapter 11 smaller, more focused and with a new name and CEO. Randy Phillips has the chops, but does the company still have the resources to save EDM’s Titanic and does the live music really need another global competitor?
SFX Entertainment has emerged from Chapter 11 bankruptcy protection and adopted a new moniker, LiveStyle, Inc. Former AEG exec Randy Phillips will lead the freshly rebranded electronic music event producer from the company’s new Los Angeles headquarters.
LiveStyle’s leadership, in addition to Phillips, includes Charles Ciongoli, who will serve as executive vice president and chief financial officer; senior vice president, Alan Walter; and Jason Barr who will serve as the company’s senior vice president, general counsel, and corporate secretary. LiveStyle’s board includes Phillips, Ciongoli, and representatives from the company’s various equity owners including Chairman of the Board Andrew Axelrod of Axar Capital Management, Douglas Forsyth of Allianz Global Investors and Nils Larsen, former President and CEO of Tribune Broadcasting.
Worldwide, LiveStyle will produce and promote single and multi-day electronic music festivals across North America, Europe, South America, Australia and Asia.
In North America, LiveStyle owned event producers include MADE Events, React, Disco Donnie Presents, Life in Color, and MMG, along with festivals and brands such as Electric Zoo, Spring Awakening, Mysteryland, Tomorrowland, TomorrowWorld, Sensation, Corona Sunsets, and Life in Color.
In Europe, the company retains a controlling stake in Monumental, B2S, ID&T, i-Motion, and Q-Dance, and festivals and brands including Q-Dance, Decibel, Tomorrowland, Mysteryland, Awakenings, Back- To-School, Air, Qlimax, and Sensation to name a few.
LiveStyle also owns PlusNetwork in Brazil which produced Tomorrowland Brasil, which is currently on hiatus, and currently produces tours by international touring DJs and artists. Further, LiveStyle has a 40% participation in Rock in Rio, the music and entertainment festival held biannually in Rio de Janeiro, Brazil, with spinoffs in Lisbon, Portugal, and Las Vegas.
Also owned by LiveStyle and reporting to the company’s board, while operating independently, are ticketing service Paylogic and Beatport, an online music vendor that provides downloads and streaming services for electronic dance music.
“We will build LiveStyle into an essential company
in the live entertainment sector.”
Phillips said, “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.”
– via CelebrityAccess