EDM-everything conglomerate SFX Entertainment has formed a “strategic alliance” with PRISA Radio, the world’s largest Spanish-language radio group. In a press release issued today, SFX explained their strategy:
The partnership will co-promote SFX event brands throughout PRISA Radio’s network of 1,250 broadcast stations, digital properties spanning 12 countries and reaching more than 28 million listeners and online users, and a sales force of more than one thousand people.
SFX stock has had a tumultuous year due in part to rumored bankruptcies and erratic behavior by the company’s CEO. This hasn’t stopped them from aggressive international expansion, however, with a strong focus on Latin America. This year SFX announced the purchase of a 50% stake in the Rock in Rio festival franchise, as well as the acquisition of Plus Talent, Brazil’s premier promoter and talent-booking agency.
The relationship also provides inroads for further European expansion. SFX already holds majority stakes in Dutch ticketing company Paylogic and German promoter i-Motion, as well as a couple of major European promotion companies (ID&T and Monumental). While PRISA operates all over Latin America, it is headquartered in Spain and has a considerable presence on the Spanish airwaves.
SFX stock (NASDAQ: SFXE) is currently trading down 4% at $4.99, slightly higher than the 52 week low of $3.52, but nowhere close to its $12.15 high back in December of 2013. We will learn more, though, on November 14th (next Friday) when SFX Chairman and CEO, Robert Sillerman, hosts a conference call and webcast to discuss his company’s third quarter financial results. You can listen in!
Check out the 11/14 SFX third quarter financial call: Dial 212.321.2910 or check the webcast here.