We all saw this one coming – Beatport will soon be ready for purchase.
SFX Entertainment, the online store’s owner, has begun the process of auctioning the site off after losing over $5 million in revenue. Court documents from last week’s hearing are now available describe the details of the process with much complexity.
One of the most important details is that the initial amount of $250,000 given back at the beginning of March actually refers to the “minimum amount of any subsequent bid after the opening bid.” The document also discusses how SFX has spoken with 24 companies interested in a possible acquisition as of March 1, but more have occurred after that date. There have not been any announcements about buyers or proceedings since then.
You can read the entire document here.