Universal’s parent company Vivendi has acquired ticketing business Flavorus from bankrupt EDM promoter SFX Entertainment.
Vivendi Ticketing, a US unit of the French media giant, successfully bid $4 million for the company, representing a loss of more than $13m for SFX, according to court documents, which acquired Flavorus for $17.1m in 2014.
Flavorus sold tickets to SFX events, including Electric Zoo, but also to a range of nightclubs, gay pride festivals and food events, reports the Wall Street Journal.
The EDM promoter filed for bankruptcy earlier this year after a debt-for-equity swap with bondholders, which saw its $300 million debt wiped from its books. SFX's largest creditors are some of its own promoters.
SFX founder Robert F.X. Sillerman (pictured) stepped down as CEO earlier this year. Last month, the firm sold its Philadelphia-based digital marketing agency Fame House to UMG Commercial Services for $1m.