WPP buys into dance music

Sir Martin Sorrell’s WPP has bought a stake in SFX Entertainment, a digital music events company founded by billionaire media entrepreneur Robert Sillerman. SFX Entertainment, which was founded in 2011, owns a number of businesses including online music store Beatport and dance events organiser ID&T. The investment, which is believed to number in the low millions, was described as strategic by Sir Martin. WPP said the move will allow its companies to tap into the fast growing electronic dance music market. “We believe this partnership can further develop WPP’s content capabilities, particularly in new media in the youth consumer segment,” Sir Martin said.