ID&T turn down $100 million
Sat 20th Oct, 2012 News 5118 viewsin
With ADE in full swing in Amsterdam, one of the founders of Dutch promoters ID&T, Duncan Stutterheim, has finally spoken about that the long swirling rumours of the sale of his company that produces Sensation, Tomorrowland and more.
Industry talk suggested Robert Sillerman, the US investor with a billion dollars to spend on EDM companies through his company SFX, was close to signing off a deal to add the Dutch company to his growing stable of events. Stutterheim has confirmed the interest at ADE. ‘We used to joke to each that we would sell the company for a hundred – a hundred thousand guilders,” he said. “Then, a few months ago, suddenly someone from America wanted to give us a hundred. A hundred million dollars. The choice was very difficult. But we didn’t do it. I think that this company can continue for another twenty years, that we may go into the world.”
Whilst it doesn’t confirm SFX as the company behind the offer, they are on a spending spree at the moment, competing with Live Nation for dance promoters around the world. In June, SFX acquired Disco Donnie presents, a promotion company specializing in events in middle America, for a reported $2 million, then added Florida-based Dayglow / Live In Colour in August who put on paint parties. According to Sillerman, letters of intent have been sent to 18 additional EDM entities ranging from promoters to ticketing agencies to venues. Live Nation has so far snapped up Cream (with James Barton heading up the electronic division), and Gary Richard’s Hard Events in June.