Live Nation EDM Pres. James Barton To Exit, In Talks To Join SFXE
Stuggling with a stock price down around 25 cents per share and hoping to avoid bankruptcy, EDM conglomerate SFX is looking for a savior; and they appear to think they've found one in Live Nation's top EDM exec James Barton.
James Barton, president of electronic music at Live Nation and founder of the UK-base EDM brand Cream, is exiting the company and reportedly in advanced negotiations to join Robert Sillerman's SFX Entertainment.
According to the New York Post, Barton is close to concluding negotiations with SFX to join the firm in a senior, but yet-to-be-determined position.
Barton is perhaps best known for helping to launch the nightlife brand Cream, which started as a weekly house music night at the Nation nightclub in Liverpool in 1992 and soon expanded to staging events at other locations in the UK and abroad, including the popular festival series Creamfields.
If Barton does jump to SFXE, he join the organization at a critical time. The company's stock has been trading under a dollar for months after two failed takeover bids by CEO Robert Sillerman. The company has retained Moelis & Co. in an attempt to restructure its debt, but some Wall Street observers still anticipate that SFXE will have to file for Chapter 11.
SFXE closed at .24 on Friday, down from a 52-week high of $5.25 on Feb. 26.