News - 08/06/2016

SFX sells ticketing asset Flavorus to Vivendi for $4 million

SFX sells ticketing asset Flavorus to Vivendi for $4 million

SFX Entertainment, after filing for bankruptcy in February, is continuing to sell its assets: this week the company offloaded Flavorous Assets, its ticketing branch. The company announced in court documents signed on June 6 that after an auction, the $4 million bid from Vivendi Ticketing U.S. LLC was the "highest or otherwise best". A judge is expected to review the final bid on June 8.

SFX had bought Flavorus in April 2014 for $17 million, to gain a higher profile in the ticketing arena - the company, indeed, services tickets for events such as Electric Zoo, Mysteryland USA, North Coast Music Festival and several pride festivals, among others.

Vivendi U.S. processes 60 million tickets per year, court documents show, and is the second-largest ticketer in the U.K. and France behind Ticketmaster. The company is expected to use Flavorus to flesh out its U.S. operations and bolster its European ones.

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