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Music

Spotify and TMWRK Depart the Crumbling SFX Empire

Rob Sillerman reappointed as a boardmember by shareholders

"The bigger they are, the harder they fall" goes the old saying.

Back in September we reported that SFX, the owner of Beatport, Made Event, 75% of ID&T and 50% of the Rock in Rio brand, was suffering from plummeting stock and investor lawsuits. Though founder Bob Sillerman has promised a comeback, recent updates see things getting worse before they get better.

As published by Billboard.com Discussions with LiveNation executive James Barton to appoint him as CEO of the company dissolved, leaving SFX without an apparent leader. Spotify and TMWRK have also parted ways, with SFX owing the streaming service a recoupable advance of $10 million after defaulting on its original content agreement reached this past summer. TMWRK reportedly bought back its ownership rights for $3.6 million from SFX, which purchased the management company (home to Diplo, Jack Ü, and Dillon Francis).

Despite the shakedown, shareholders unanimously reapproved Sillerman as a boardmember just last week.