SFX Entertainment Inc. (Nasdaq: SFXE) has closed a deal for React Presents, a festival producer.
React Presents, headquartered in Chicago, produces and promotes both the Spring Awakening Music Festival and the Summer Set Music & Camping Festival. Last year, the company also promoted about 200 events in Illinois, Wisconsin and Michigan.
New York-based SFX, which is focused on electronic dance music (EDM) culture, produces live events and provides media and entertainment content. The company owns the Electric Zoo festival, as well as Tomorrowland, and many other festival events.
The deal of React Presents allows SFX to continue expanding its network of promoters. The company has been on an acquisition spree for more than a year, picking up festivals, digital music properties and other assets. In February, the company bought a 50 percent stake in Rock in Rio, a festival franchise headquartered in Rio de Janeiro, for $62.3 million. In December, SFX bought Paylogic, an Amsterdam-based ticketing company, for $22 million. In October, the company bought festival producer Totem OneLove Group Pty Ltd., which produces and Australian electronic music festival.
For more, see "The Buyside: SFX Spree Spotlights Fast-Growing Genre."