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SFXE Reports Steep Losses For Q2 As Buyout Deadline Approaches

NEW YORK (CelebrityAccess) — SFX Entertainment posted their second quarter financial results on Monday, reporting solid gains in revenue and sharp losses in profit.

Revenue for the company was up by 48.3% year over year to $121.1 million, while revenue for the first six months of 2015 increased 50.7% year over year to $173.2 million.

At the same time, the company reported a net loss of $47.8 million for the quarter and $89.4 million for the first 6 months of 2015.

During the three months ended June 30, 2015 SFX held a total of 267 festivals and events, which attracted over 1,380,000 total attendees. SFXE reported that festival attendance was up by 37.7% to 1.1 million from the same period in 2014. For festivals that were owned and not merely licensed by SFXE, attendance and revenue grew 3.4% and 11.1% respectively.

The earnings report comes as the company's founder, Robert Sillerman seeks to close out a buyout of the company to take it private, but a recent move by a major investor raises doubts about Sillerman's ability to complete the purchase.

According to Forbes, Virtual Point Holdings on July 31st sold their stake of more than a million shares in the company to Sillerman for $4.338 per share, substantially below Sillerman's tender price of $5.25 for a loss of 21% if Sillerman manages to complete the buyout.

Sillerman has until August 13th, a deadline that's already been extended once, to disclose his financing for his buyout. – Staff Writers