SFX Entertainment, Clear Channel sign marketing, content partnership SFX Entertainment and Clear Channel Media and Entertainment announced a marketing and content partnership centered on the electronic music category. The partnership contains three key initiatives including a national DJ/Producer contest in partnership with Beatport, a weekly Beatport Countdown show and an original live event series.
SFX Entertainment cuts FY15 revenue to $500M from excess of $500M FY15 revenue consensus of $493.7M. Cuts FY15 pro forma adjusted EBITDA to $55M-$65M from $60M-$70M. The adjustment to the revenue guidance is inclusive of the anticipated impact of foreign exchange as a significant portion of the Company’s operations occur internationally. The adjustment to the pro forma adjusted EBITDA expectation reflects the Company’s share of the expected losses related to the start-up costs for Rock in Rio Las Vegas, which is expected to be approximately $4M-$5M.