SFX surfaces from bankruptcy as the new anti-EDM LiveStyle Inc.
A shift in the brand's focus led by Randy Phillips
Back in February, SFX Entertainment filed for bankruptcy after the brand had over $300 million in debt removed from its finances.
Reports later emerged citing legal action taken against the company by investors who were mislead by top shareholder and founder Robert Sillerman.
SFX has now come out of bankruptcy, branded as the new LiveStyle Inc., lead by former AEG Live CEO Randy Phillips. The new leader will act as the firm's President and Chief Executive Officer, pushing an updated model for the music entertainment enterprise.
LiveStyle will still own SFX properties like Electric Zoo, Mysteryland and Beatport, but will focus as a "music company that specializes in electronic music" rather than an "EDM brand". In fact, Phillips shuts down the taboo term and asserts that LiveStyle's design "will be broadened, more like Coachella".
More details on LiveStyle to be disclosed.