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Kilimanjaro owner sells stake in UK classical music promoter
By Chris Cooke | Published on Thursday 28 June 2018
German music company DEAG – which also has a controlling stake in UK tour promoter Kilimanjaro – has announced a double sided deal with Sony Music.
First, it is buying the major out of an existing joint venture called DEAG Classics. But secondly, DEAG Classics will then sell back to Sony its shares in UK-based classical music promoter Raymond Gubbay Limited. However, says the company, this won’t affect any joint projects being undertaken by Raymond Gubbay and the aforementioned Kilimanjaro. So now you know.
Confirming the sale of its stake in Raymond Gubbay Limited, DEAG’s Detlef Kornett said earlier this week: “DEAG and I am grateful for the integrity, loyalty and the tremendous success we have experienced in partnering with RGL Ltd, in particular with its senior management Debra Eagers, Anthony Findlay and Jonathan Marks and their staff”.
He went on: “We have seen through a fundamental change to the business of RGL while profitability increased in our time and the transaction allows RGL to prosper and at the same time the DEAG Classics business to continue to thrive, also in the UK”.
Meanwhile the boss of Kilimanjaro, Stuart Galbraith, said his business would continue to enjoy the opportunity to work with other divisions of DEAG, but also with Raymond Gubbay Limited, despite it no longer being part of the group. “There are numerous opportunities for us to grow our business which we will be able to continue to exploit”, he added.
