September 17, 1999
Chicago, IL Cárdenas/Fernández & Associates, Inc., an Hispanic event marketing firm, and SFX Entertainment, Inc. diversified promoter, have entered into an strategic alliance it was announced today.
The alliance enables SFX to extend its sports and entertainment
reach to the dynamic Hispanic market, while CFA will have the
opportunity to leverage SFX's resources to provide a greater array
of entertainment options. Cárdenas/Fernández &
Associates, Inc. will maintain the responsibility of managing
the direction and operations of the newly formed partnership.
Henry Cárdenas, Cárdenas/Fernández's President and CEO stated "the emergence of the Hispanic market has been explosive in the United States. Recent recognition of the contributions of Latinos in music, sports, film, television, and radio have catapulted our mass appeal to a new level. This trend, combined with the extraordinary growth rate of the Hispanic market and its related increased purchasing power of over $383 billion has global marketers rushing to find effective strategies to reach this market."
Robert F. X. Sillerman, Executive Chairman of SFX Entertainment, Inc., said, "This is a great step forward in our continuing efforts to broaden and diversify our entertainment interests. It is a key acquisition enabling us to tap into the robust and expanding Hispanic market. We now offer our corporate sponsors and marketers and indispensable took to reach an important segment of consumers with rapidly growing purchasing power."
Iván Fernández, Cárdenas/Fernández' Executive Vice President, stated "After operating successfully for over 17 years as independent operators, we determined that an agreement of this nature can best provide the greater resources to meet the growing needs of our clients, expand our network and provide greater opportunities for our staff."
(The new entity is based in Chicago, Ill, at 850 West Jackson, Suite 750, Chicago, Ill. 60607).