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Deutche Entertainment's European spending spree continues, as it expands into French-speaking Switzerland via a majority stake in LMP/LME
By Jon Chapple on 21 Jun 2019
German live entertainment powerhouse DEAG has made its third promoter acquisition this month, announcing today it is to acquire a majority stake in Live Music Production (LMP) and Live Music Entertainment (LME), the leading concert organisers in Francophone Switzerland.
The acquisition sees the two companies – founded and owned by veteran promoter Michael Drieberg – become part of AIO Group, the DEAG subsidiary that includes Good News Productions, the market leader in German-speaking Switzerland, as well as the country as a whole.
Over a 20-plus-year career, Drieberg has organised shows by the likes of Johnny Hallyday, Sting, David Guetta and Zucchero, and his company offers “attractive events in the segments rock/pop, family entertainment, arts and exhibitions and classics jazz”, with a focus on French-speaking artists, says DEAG.
The group also owns the 2,000-capacity Salle Métropole venue in Lausanne and promotes the open-air Sion Sous les Étoiles festival in Sion, Canton Valais, which welcomes 40,000 visitors annually.
“We are gaining excellent access to the French-speaking market”
The acquisition of a majority stake in the Live Music companies follows similar deals with I-Motion, the German division of EDM conglomerate LiveStyle (formerly SFX Entertainment), and Stuttgart-based promoter C2 Concerts, earlier this month. DEAG alluded to several in-the-works European investments in its recent Q1 financial report.
Drieberg will continue to manage the businesses and, together his team and DEAG, is responsible for driving the growth of LME/LMP. Following the acquisition, for the Swiss market as a whole, DEAG expects profitable revenue worth around Fr. 35 million (€51.5m).
“With this investment, we are accelerating the strategic expansion of our business activities in Switzerland,” says Detlef Kornett, a member of DEAG (Deutsche Entertainment AG)’s executive board. “We are expanding our range of events to include first-class French-speaking artists and events and are gaining excellent access to the French-speaking market.”
Drieberg adds: “With DEAG, we are jointly establishing a network that offers all of us excellent growth opportunities. We have a long-standing, trusting relationship with [Good News CEO] Stefan Matthey and Good News Productions and look forward to expanding our joint activities.”
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