UPDATE: An earlier version of this article contained errors; they have since been corrected.
SFX has officially begun the process of auctioning off online store Beatport, following the service’s loss of over $5 million in revenue and
a prior statement that initial negotiations would begin in April.
Court paperwork following the hearing that took place last week is now available to the public, and spells out some of the intricacies of the proceedings. First, the initial figure of $250,000 given back in the beginning of this month refers to the “minimum amount of any subsequent bid after the opening bid,” rather than just what SFX was hoping for the company to go for initially.
Again, as per the filing on March 1, the document outlines SFX’s discussion with 24 companies interested in a potential acquisition; they have had more discussions since. Some agreed to sign non-disclosure agreements that would allow them to continue with the process, and some further expressed interest.
As of this time, no further news about buyers or proceedings has been made available.
Read the full, 52-page document below.