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CALIFORNIA | BRIEFLY: COMPANY TOWN ANNEX

SFX Apparent Winner in Bid for Livent

May 28, 1999| Newsday

Concert promoter and theatrical producer SFX Entertainment appears to have won the bidding contest for Livent Inc., the financially ailing producer of musicals, including "Ragtime" and "Fosse." SFX, controlled by Robert F.X. Sillerman, who earlier built a lucrative radio station empire, was "close to a deal" for Livent, a source familiar with the negotiations said. The source said an announcement could come as soon as today. The SFX deal with Livent would include the Ford Center for the Performing Arts in New York and theaters in Chicago and Toronto as well as Livent productions. The deal would involve more than $100 million in cash and SFX equity. In November, Livent filed for bankruptcy protection from creditors after its new owners, including former Hollywood talent agent Mike Ovitz, accused founders Garth Drabinsky and Myron Gottlieb of massive fraud, which they deny. Creditors are owed more than $200 million. A source close to one of the bidders said that even if Livent clinches a deal with SFX, another bidder could seek to top the offer in Bankruptcy Court. The bidding process has not been public, so bidders do not know what the others have offered.

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