SFX Entertainment Inc. (Nasdaq: SFXE), following a slew of music and electronic dance music festival acquisitions, is buying a 50 percent stake in Rock in Rio for about $62.3 million.
Rock in Rio, headquartered in Rio de Janeiro, is a festival franchise. Bands lined up for the next festival include Queens of the Stone Age and Arcade Fire and Justin Timberlake.
SFX plans to grow the Rock in Rio brand internationally. As of now, the festival has been held in Brazil, Portugal and Spain.
In December, SFX bought a stake in Paylogic, a ticketing company, for $22 million. The company also made several acquisitions in October: Totem OneLove Group Pty Ltd., Arc90, Fame House, Tunezy and electronic dance music festival producer ID&T.
For more on the company, see “SFX Spree Spotlights Fast-Growing Genre.”