SFX Entertainment has no comment regarding lawsuit SFX Entertainment issued the following statement regarding Paolo Moreno, et al, vs. SFX Entertainment, et al: “We will have no comment, other than to say we will vigorously defend this baseless lawsuit.”
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.