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Saturday, Sep 23, 2023

Tix Corp. Completes Sale of Live Entertainment Division

Tix Corp. has sold off its poorly performing live entertainment division to a group of company executives. Details of the sale of the subsidiary Tix Productions Inc. to members of its management were not released. Studio City-based Tix Corp. announced in September the sale of Tix Productions and the hiring of B.Riley & Co. as its financial advisor. Tix Productions has produced such Broadway shows as “American Idiot” and “Rain — A Tribute to the Beatles on Broadway” but has not been a consistent revenue generator. For the second quarter, the live entertainment division brought in revenues of $7.9 million, a drop of 60 percent from the $19.6 million in revenues for the same period in 2009. “B. Riley provided sound advice, canvassed the market and talked with every logical buyer for TPI,” said Tix Corp. CEO and President Mitch Francis. “Their efforts helped refocus our company on our core business, which positions us for future growth.” Mark R. Madler

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