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Business News Deals Live Business
DEAG takes control of The Classical Company
By Andy Malt | Published on Tuesday 9 October 2018
German music firm and Kilimanjaro Live parent company Deutsche Entertainment AG has become the sole owner of The Classical Company in Switzerland, after buying out Swiss media firm Ringier. The two companies previously owned the classical music concert promoter 50/50.
The new deal is being done through DEAG Classics, of which the main DEAG company recently took full control, having bought Sony Music out of that joint venture in June. Ringier will remain a media partner of The Classical Company until 2020.
In a statement, DEAG said that the acquisition was part of a plan to reduce “minority interests with the aim of increasing the earnings per share attributable to DEAG shareholders”.
It added: “This transaction also represents an excellent opportunity for DEAG to strengthen its international activities in classics and jazz, distinguished by long-term, exclusive relationships with artists and good visibility. Potential synergies and event transfers between the respective companies will also be even more effectively exploited than in the past”.
Founded in 2010, The Classical Company is one of Switzerland’s leading classical promoters.
