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Business News Live Business
SFX buys into Rock In Rio
By Chris Cooke | Published on Tuesday 26 November 2013
Yes, it’s yet another SFX deal. I’m starting to think we should just have a standalone section for reporting on the EDM-focused live firm’s rampant acquisition spree.
Hot on the heals of its purchase of German dance music promoter i-Motion, the SFX company also confirmed last week that it had taken a 50% interest in the Rock In Rio franchise. A new company has seemingly been established that will own and operate the Rock In Rio events, and it is that new business of which SFX will own half.
Rock In Rio founder Roberto Medina will continue to lead the festival, which has more of a pop rock base than most of the other events SFX has bought into, with plans to further expand the brand beyond the programmes that have taken place in the past in Rio, Lisbon and Madrid. Medina is already talking about a Vegas-based version of the festival.
Confirming the deal, SFX chief Robert Sillerman told reporters: “Partnering with Roberto is very exciting for all of us at SFX. While it’s a great opportunity to help build and grow the Rock In Rio brand internationally, utilising our global promoter network, it’s also an opportunity to learn from the operational and commercial expertise that has made Rock In Rio and Robert Medina global phenomena”.
Medina added: “We have built the Rock In Rio brands with passion since 1985 and are excited about a future with SFX, which will allow us to expedite the growth of our brands into new territories. With SFX’s commitment to the development of the integrated next generation solutions, we also believe that our sponsors will have a greater platform for their brands in the US, as they already have in the countries in which we are established, having the festival as their main communication tool”.
