Barclays Names Jay-Z Director of Brooklyn Arena Firm

 Shawn 'Jay-Z' Carter who recently helped design and debut the new logo and line apparel for the Brooklyn Nets, has been named director of the company that runs Barclay's Center (Brooklyn Arena, LLC). The Barclay's Center will also hold 1 luxury arena suites called the "Vault". The Post says that, "for the suites, they will run for $550,000 each". Jay Z has been a helping hand everywhere. He even stepped in to help choose high-end forks, napkins and champagne that will be served during the events.

The company has set the grand opening for the center for late September. "The new title emerged in papers filed by arena developer Forest Ratner Cos. in its bid to secure a liquor licence for the future home of the Brooklyn Nets", according to the Post. "As one of the seven directors, the rapper and music mogul will attend board meetings and help direct arena senior staff on daily operations". 

Jay-Z is a minor stake holder in the Brooklyn Nets, the former New Jersey franchise, which is set to play its first game in the fall. Jay has been listed as arena director along with Forest City CEO Bruce Ratner, David Berliner, Mary Anne Gilmartin, Christophe Charlier, Irina Pavlova and David Carlock. Irina Pavlova is Nets majority holder Mikhail Prokhorov's right hand woman in the United States. She is also the President of Prokhorov's Onexim Sports & Entertainment Holding USA, Inc.  Irina was also the team's representative at the NBA draft lottery.

The Russian billionaire Mikhail owns 80 percent of the Nets and also has a 45 percent ownership in the arena. "The news of Jay-Z's new title emerged as officials confirmed that they would extend drinking hours at the Barclays for their big spenders", said The Post. 


Source:

http://www.nypost.com/p/news/local/brooklyn/jay_named_director_at_barclays_arena_it5iGkgZ5SYwjPkcQL2YVM?utm_medium=rss

Mogul to Increase Bets on Electronic Music

Robert F. X. Sillerman is a media executive who transformed the live entertainment business in the 90s, by combining concert promoters into the nationwide powerhouse that became Live Nation. Mr. Sillerman has decided to return to the business and plans to invest in the ever-growing electronic music genre. Sources say that Mr. Sillerman is pursuing independent companies that put on dance festivals, DJ parties and events, where crowds range from the hundreds to the thousands. In an interview last Monday, Mr. Sillerman stated that His first acquisition was Disco Productions. This is a Louisiana based company that was founded by rave promoter, Donnie Estopinal. In addition to the deal with Disco Productions, Mr. Sillerman says that he is in negotiations with 50 other companies, out of which, tentative agreements have been set with 15. He declined to disclose any information regarding the terms of the Disco Production agreement, but expects his new company (SFX Entertainment, revived from his old company)To spend $1 billion in acquisitions within a year. He plans to take the company public this summer. The plan for SFX Entertainment is still being formulated, as stated by Mr. Sillerman. This plan involves using the Internet to connect fans of dance music. There is currently a wave of interest in attending concerts that has less to do with the music and more to with the experience attached to it. This is in reference to the immerse appeal of many large scale dance events. Mr. Sillerman's thoughts is that, "the experience of attending an individual event can be perpetuated and made better by connecting the people, not just when they're consuming the entertainment but when they're away from it." Over the past few years, SFX Entertainment spent $1.2 billion to buy dozens of regional promoters and combined into a national organization. In 2000, Clear Channel Communications bought SFX for $4.4 billion. It later turned its concert division into Live Nation, which merged with Ticketmaster in 2010 to form Live Nation Entertainment. Mr. Sillerman's corporate approach to the concert industry has had its disadvantages. Some say that it has led to higher prices for consumers and has created a competitive bidding process, that has made events far riskier to put on. Live Nation has also had its fair share of issues. Since going public in 2005, it has never turned an annual profit. But, Mr. Sillerman said he believed that the basic business strategy behind combining multiple concert companies was sound. Live Nation has also taken an interest in electronic dance music. Last month they purchased a major British promoter, Cream Holdings,and announced last week that it would be putting on a two-night dance event, called Sensation, at the new Barclay's Center in Brooklyn in October. 


 Sources: 


1)  http://www.nytimes.com/2012/06/06/business/media/mogul-to-increase-bets-on-electronic-dance-music.html?_r=2&adxnnl=1&ref=livenationinc&adxnnlx=1339160455-oOXbqapTfzVbOlqpqV5CtA