SFX Entertainment completes purchase of B2S SFX Entertainment announced that it has completed the acquisition of the remaining 50% of B2S Holding, which specializes in hard electronic dance music. SFX now owns 100% of the company. SFX paid B2S $14.3M in cash and issued 400K shares of SFX common stock at closing. SFX had initially acquired 50% of B2S as part of its acquisition in October 2013 of ID&T, which has produced events such as Sensation, Mysteryland and Tomorrowland in Europe and around the world and TomorrowWorld in the U.S.
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.