SFX Entertainment acquires 50% of Rock in Rio SFX Entertainment has completed its previously announced acquisition of a 50-percent interest in a holding company that controls Rock in Rio, one of the biggest festival franchises in the world. SFX paid R$150.0M, or approximately $ 62.3M, as of the closing date.
Memo from SFX CEO details reason for withdrawing takeover offer, WSJ says According to a memo from SFX Entertainment CEO Robert Sillerman, the reason for withdrawing his offer to acquire the company was "very simple." Sillerman said, ""At these low prices the time is not right to go forward on this path. We will instead focus all energy on righting the ship and reversing the disappointing results of this year... For now we will rededicate ourselves to providing the best possible experiences for our fans." Reference Link
SFX Entertainment says CEO Sillerman withdraws takeover offer In a regulatory filing, SFX Entertainment said that CEO Robert Sillerman delivered a letter to the Board of Directors of the company on November 17 withdrawing his previously announced proposal to acquire all of the outstanding shares of Common Stock not already beneficially owned by him.