SFX Entertainment Announces Acquisition of Skating Legend Dick Button's Candid Productions.
SFX Entertainment, Inc. (NYSE: SFX) announced that it has acquired Candid Productions, Inc. in an all cash transaction. Candid Productions was owned and operated by Dick Button, who dominated the world of figure skating and went on to an Emmy winning career in sports commentary and as a producer of sports entertainment programs. SFX has entered into a multi-year employment contract with Mr. Button.
Candid Productions stages the annual World Professional Figure Skating Championship, which Button originated in 1973 as a unique opportunity for Olympians from different Olympic years to compete against each other in a forum where professional skaters can showcase their talents. Button later expanded this format of professional competition to the Challenge of Champions, now in its fourteenth year of production. More recently, with the growing popularity of professional skating, Candid Productions has expanded production to include the U. S. Professional Figure Skating Championship and the World Team Championship and other skating events. Button also created the highly successful television sports series The Superstars and expanded to include The Superteams, The Women's Superstars, Battle of the Network Stars and other related series.
Robert F. X. Sillerman, Executive Chairman of SFX Entertainment, stated, "This acquisition is a perfect fit for our growing involvement in sports and family entertainment. The enormous rise in professional skating's popularity across all age groups, both as live performance and as televised programming, is in large part due to the creative efforts of Dick and his company. His development of a whole new direction in television sports programming with his Superstars and Battle of the Network Stars series is equally impressive. We are delighted to bring Candid Productions into the SFX family, adding to our existing roster of live skating events and further strengthening our wonderful array of live entertainment events specifically developed for enjoyment by the entire family."
Dick Button added, "I am delighted to be joining SFX Entertainment. I look forward to expanding and developing both sports programming in general and our skating events in particular, and I am excited about the prospect of combining our existing productions and capabilities."
SFX Entertainment is the world's largest diversified promoter, producer and venue operator for live entertainment events. SFX owns, partially or entirely, and/or operates the largest network of venues in the country used principally for music concerts and other live entertainment events. SFX has 82 venues including 16 amphitheaters in all of the top 10 U.S. markets and owns or operates venues in 31 of the top 50 markets overall. SFX also develops and manages touring Broadway shows, selling subscription series in 38 markets that maintain active touring schedules. Through its large number of venues, its strong market presence and the long operating histories of the businesses it has acquired, SFX operates an integrated franchise that promotes and produces a broad variety of live entertainment events locally, regionally and nationally. Pro forma for all completed acquisitions, during 1998, approximately 37 million people attended approximately 13,200 events promoted and/or produced by SFX, including over 6,250 music concerts, 5,800 theatrical shows, over 800 family entertainment shows and over 350 specialized motor sports shows. In addition SFX is a leading fully-integrated sports marketing and management company specializing in the representation of athletes and broadcasters, integrated event management, television programming and production and marketing consulting services in the sports, news and other entertainment industries.
The press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because these statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially, including the company's absence of combined operating history and potential inability to integrate acquired businesses, need for additional financing, high degree of leverage, granting of rights to acquire certain portions of the company's operations, variable economic conditions and consumer tastes, risks associated with conducting business in foreign jurisdictions, regulatory risks and restrictions imposed by existing debt and future payment obligations. Important factors that could cause actual results to differ materially are described in the company's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission.
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 26, 1999|
|Previous Article:||Friede Goldman International Reports $0.34 for Second Quarter.|
|Next Article:||S&P Assigns Capital One Master Trust Prelim Ratings.|