Diplo, Major Lazer Management Firm TMWRK Exits SFXE After $3.6 Million Payback

SFX chairman and CEO Robert Sillerman`s troubled EDM conglomerate has parted ways with major management company TMWRK. The firm bought itself out SFX for a reported $3.6 million.

SFX purchased TMWRK, home of Diplo, Major Lazer and many other top EDM and hip hop artists, in 2014.

Despite strong rumors, the SFX leadership isn`t going to change just yet. At the annual SFX investors meeting on December 28th, shareholders unanimously approved the renewal of Sillerman and seven other board nominees.

SFX recently hired investment bank Moelis & Co to look at ways of cutting the company`s debt including selling off key assets.

via CelebrityAccess