CEO Klaus-Peter Schulenberg has reduced his stake in CTS Eventim by 7%, potentially freeing up €242m that could be put towards new ventures
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The ticketing giant has increased its shareholding in FKP Scorpio to 50.2%, once again giving it a controlling interest in the German promoter
By Jon Chapple on 02 Jun 2016
CTS Eventim has increased its stake in FKP Scorpio to 50.2%, once again becoming the majority shareholder in the Hamburg-based concert and festival promoter.
It held the same share of FKP Scorpio from July 2000 to July 2010, when it decreased its holding to avoid difficulties with the Federal Cartel Office after acquiring See Tickets Germany. As to how re-increasing its stake doesn’t put it back in the same situation, a spokesman tells IQ: “CTS Eventim is of course aware of antitrust laws and acts in strict accordance with them. […] The current transaction is subject to clearance by the competent antitrust authorities.”
Eventim, Europe’s largest ticketing company, says the acquisition provides a “valuable growth platform to strengthen ties with its customers beyond ticketing” and gives it “direct access” to FKP Scorpio’s festival portfolio, including German events such as Hurricane, Southside and Highfield, Provinssi in Finland, Bravalla in Sweden, Northside in Denmark, Greenfield in Switzerland, Nuke in Austria and Best Kept Secret in the Netherlands.
“FKP Scorpio provides CTS Eventim with a valuable growth platform to strengthen ties with its customers beyond ticketing”
FKP Scorpio reported revenues of over €100 million in 2015 and promoted shows by Foo Fighters, Justin Bieber, Ed Sheeran, James Blunt, Mumford & Sons, Revolverheld and Blink-182.
“Gaining direct access to FKP Scorpio will prospectively support the continuous development and launch of innovative products and services across the entire business portfolio of CTS Eventim,” said the company, “and thereby take [a] significant share in the group’s international expansion strategy.”
CTS Eventim posted its quarter one 2016 (Q1) results last Friday, which showed a 21.2% decline in income from live shows – something it will be hoping to address with a controlling stake in FKP Scorpio – but another strong performance (an 11.6% increase in revenue) in its ticketing business.