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Deutsche Entertainment says it will continue to eliminate its minority shareholdings, as it acquires Starwatch Entertainment's 24.9% stake in ticketing platform MyTicket
By IQ on 02 Jul 2018
Deutsche Entertainment AG (DEAG) is to reacquire 24.9% of the shares in mytic myticket AG, the company behind its MyTicket.de and MyTicket.at ticketing platforms, bringing its total holding up to 75.1%.
The transaction, says the company, is part of its strategy of “successively reducing minority interests to increase the earnings per share for DEAG shareholders. DEAG’s ticket business is to be further expanded.”
The shares were formerly owned by German record label Starwatch Entertainment. Axel Springer SE, the publisher of Bild, Die Welt and Fakt, and the largest publishing house in Europe, continues to hold the remaining 24.9% of mytic myticket AG.
“The acquisition of MyTicket will increase our earnings per share within the next few years”
MyTicket, DEAG’s in-house ticket agency, expanded into Austria (with MyTicket.at) in September 2016, joining original German site MyTicket.de and British spin-off MyTicket.co.uk, which launched in the UK via Kilimanjaro in 2015. Ticket sales via MyTicket were a major contributor to the German promoter’s positive financial results in 2017.
“We’d like to thank our partners [Starwatch owner] ProSiebenSat1 and Starwatch for the joint establishment of MyTicket AG in its start-up phase, and I look forward to continuing our close cooperation in the other areas, as before,” says DEAG CEO Peter Schwenkow (pictured). “MyTicket AG’s market shares are growing strongly, and with MyTicket.de and MyTicket.at it has developed into one of the leading electronic ticket platforms. The acquisition enables us to continue pursuing our strategic goals; the acquisition of MyTicket will increase our earnings per share within the next few years.
“We will also continue to expand DEAG’s ticketing business. This share increase is in line with our goal of successively reducing our minority shareholdings to return to an attractive dividend policy.”
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