NEW YORK (CelebrityAccess) — As the company wends its way through bankruptcy proceedings, troubled EDM giant SFX has found a buyer for its digital marketing operation Fame House.
Court documents filed on May 25th revealed that of the two bids received for Fame House, Universal Music Group had submitted the only qualified bid for the digital marketing company and its assets.
SFX purchased Fame House in October, 2013, as a part a trio of acquisitions, which also included e-commerce and experience platform Tunezy and digital designer Arc90, for an undisclosed price.
Founded in 2011 as a digital marketing agency that serves the entertainment industry, Fame House provides digital marketing, social media management, merchandising and other design and development services for its clients.
At the time of Fame House's acquisition , SFX said the marketing company would play a "broad role across the SFX platform." However, that view appears to have been tempered by time and experience and according to the bankruptcy filings, SFX now no longer views "the Fame House business as core to the SFX platform nor sustainable long-term under SFX’s ownership."
Investment bank and debt advisor Moelis & Company has been representing SFX in the bankruptcy proceedings. – Staff Writers
