SFX Chairman Sellerman Acquires 213,464 Shares of Company Stock

News   SFX Chairman Sellerman Acquires 213,464 Shares of Company Stock SFX Entertainment announced that its chairman, Robert Sillerman, had exercised his option to buy 213,464 shares of SFX's class A common stock, "mostly at prices ranging from $19.42 to $32.71 per share." The announcement came just days after SFX had announced a major acquisition, its second in as many weeks.P> The stock purchase announcement was made Oct. 1, at about 8:30 PM, well after the close of business in New York.

SFX Entertainment announced that its chairman, Robert Sillerman, had exercised his option to buy 213,464 shares of SFX's class A common stock, "mostly at prices ranging from $19.42 to $32.71 per share." The announcement came just days after SFX had announced a major acquisition, its second in as many weeks.P> The stock purchase announcement was made Oct. 1, at about 8:30 PM, well after the close of business in New York.

An SFX statement indicated that Sillerman does not intend to sell the shares, and that he had told SFX he "expects to buy 'significant' additional shares either in the open market or through privately negotiated transactions."

"Although I have the freedom to exercise these options at any time over the next five years, I have taken the opportunity now to purchase this significant block of SFX stock, as I see no better value in the market today," Sillerman said in a prepared statement. "I can thereby ensure myself capital gains treatment for the appreciation I expect in the stock. At SFX, we continue to execute our business plan, while working on several additional acquisition opportunities.''

SFX promotes events and either owns or manages venues. Last week, however, the company announced that in addition to a growing profile in concerts, touring Broadway shows and motor sports, it had just acquired Tellem and Associates, a powerful sports agency that represents some 700 professional sports figures.

Shares of SFX closed at $30-1/2 on Thursday on the New York Stock Exchange. On Mon., Oct. 4, SFX stock stood at 33-1/8, up 7/8 or 2.71 percent. SFX stock is trading roughly 10-15 points lower than it was at the beginning of September. SFX operates an integrated franchise that "promotes and produces a broad variety of live entertainment events locally, regionally and nationally." The company describes itself as the world's largest diversified promoter, producer and venue operator for live entertainment events. SFX says it owns, partially or entirely, the largest network of venues in the country used principally for music concerts and other live entertainment events.

Among SFX's assets are theatres in New York, Chicago and Toronto that formerly belonged to the bankrupt theatrical production company, Livent. Most of Livent's assets were sold to SFX this year for $97 million. SFX also controls Livent's former rights to hit musical productions like Ragtime and The Phantom of the Opera.

-- By Murdoch McBride