LiveStyle CEO Steps Down As Parial Asset Sale Begins
Randy Phillips is stepping down as CEO at EDM concert promoter LiveStyle to serve as a consultant while the company seeks to sell more of its assets. Phillips told Billboard that his exit was planned after the company stabilized following its exit from bankruptcy reorganization.
Originally formed as SFX Entertainment by Robert Sillerman. the company attempted to roll up key electronic music promoters and related companies, much as he had done with mainstream concert promoters to form Live Nation years before.
However, the company went bust in early 2016, leading to the ouster of Sillerman He was ultimately replaced by Phillips, who guided the company during its restructuring.
LiveStyle’s current assets include a 75% stake in the ID&T Music, Tomorrowland in both the U.S. and Brazil, Mysteryland, Electric Zoo, Life in Color, and Thunderdome music festivals, as well as digital music retailer Beatport and social media platform Tunezy.
According to Billboard’s Dave Brooks, Phillips plans to refocus his attention on managing the boy band Why Don’t We. “[Why Don’t We] are really starting to take off and it was important to me that I could tell Craig Kallman and Max Lousada that I’m 100% in,” Phillips told Billboard.