Streaming service Deezer, which was due to float on Friday in Paris, and was looking to raise over 300 million euros (with a one billion euro valuation) to finance new marketing and expansion initiatives in an increasingly competitive marketplace, where the French firm competes head-on with the better financed Spotify and Apple Music, has pulled its IPO. "Market conditions" were blamed for the sudden change in plan. Chairman of the Deezer board, Didier Bench, admitted that the slump in Pandora's share price in the US last week was a particular concern as were Netflix's recent results.
MBW: DEEZER SCRAPS IPO THAT COULD HAVE RAISED $400M – HERE’S 5 REASONS WHY
SFX, which has been on an recent acquisition spree, mainly buying up EDM live enterprises, has filed papers confirming plans to raise up to $200 million by selling off a slice of the company via the NASDAQ stock exchange - valuing the company at $1.1 billion. The company recently noted that drug related incidents at EDM events could have negative impact on commercial dance music enterprises, especially where brand partnerships are a key revenue stream.
