At the 2013 Amsterdam Dance Event on Thursday, ID&T CEO/Founder Duncan Stutterheim announced that the Dutch event company, which has diligently organized famous events and festivals for years, such as Sensation White and Tomorrowland, will now 100% be owned by SFX.
Stutterheim maintained that the companies’ merger does not mean the end of ID&T‘s events, and that they will still orchestrate the same shows, but rather than being two separate companies, SFX & ID&T will become one, with Stutterheim at the head office in Europe.
When asked how Stutterheim was convinced that this was the right path for ID&T after declining a hundred million dollars from an American for the company only a year prior, he stated,
“As we continued to work together, at some point a list came up of the possibilities of what could be done if we sold the company. TomorrowWorld was an example of that. The festival cost 16 million dollars to put up. Those are amounts of money that we just don’t have. We are a big company, but we can’t invest that kind of money. So it was an opportunity for the company to grow.”
SFX, with bases in Los Angeles, New York, and other various cities, is an American company specializing in musical festivals, live entertainment, and nightclubs. The SFX head of acquisitions, Shelly Finkel, met with Stutterheim on Thursday to seal the deal.
Source: inthemix
