Continuing its string of minority-interest buyouts, Deutsche Entertainment has acquired the remaining 50% of the Classical Company from Ringier
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DEAG has bought Sony out of its share of Gold Entertainment, seeking to grow its presence in the schlager and family entertainment markets
By Jon Chapple on 13 Feb 2017
Deutsche Entertainment AG (DEAG) has taken full control of Gold Entertainment, the company it co-founded in 2010 with Sony Music Entertainment Germany to promote schlager (crooner) shows.
The move will, says the Berlin-based live entertainment giant, bolster its presence in the schlager and family entertainment sectors and allow it to better “utilise DEAG’s own formats, such as Disney On Ice and others, more efficiently in this area”.
DEAG has said previously that family entertainment is a key growth area for the company, predicting in July turnover from family shows would surpass €30 million in 2016.
The full acquisition of Gold follows news that Rockavaria – one of three major music festivals launched by DEAG in 2015 – would not go ahead this year
The full acquisition of Gold Entertainment follows news that Rockavaria – one of three major music festivals launched by DEAG in 2015 at a cost of approximately €23m – would not go ahead in 2017 due to difficulty attracting talent. The loss of Rockavaria follows the earlier cancellation of Rock im Revier, leaving only Rock in Vienna of the original three events, which many saw as an attempt to rival CTS Eventim’s Rock am Ring and Rock im Park.
The company also today announced the sale of its stake in Manfred Hertlein Veranstaltungs, a promoter of primarily German-language concerts and other live shows, in which Gold Entertainment held a 66.6% stake.
“We have achieved a great deal together with Manfred Hertlein and his team since 2010, and we will realise certain productions together in the future,” comments DEAG COO/CDO Christian Diekmann (pictured). “Nevertheless, this step was important in order to be
able to take better advantage of our opportunities in this segment.”
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