Denver-based music purveyor Beatport is being acquired by SFX Entertainment, according to a report in the New York Times.
SFX Entertainment’s agreement to buy Beatport is part of the company’s plan to build a $1 billion empire centered on the electronic dance music craze, the Times reported.
Beatport ushered in a digital revolution among disc jockeys, effectively becoming the iTunes for DJs. The company was founded in 2004 by entrepreneur and disc jockey Jonas Tempel, along with with fellow DJ Eloy Lopez and promoter Brad Roulier. They raised close to $300,000 from former Denver Bronco Trevor Pryce and three DJs, including Bad Boy Bill.
Beatport has a catalog of more than one million tracks of electronic dance music, or E.D.M.
The New York Times said terms of the transaction were not disclosed, but two people with direct knowledge of the transaction said it was for a little more than $50 million.
Steve Raabe: 303-954-1948, firstname.lastname@example.org or twitter.com/steveraabedp