European live music promoter DEAG (Deutsche Entertainment Aktiengesellschaft) is acquiring the remaining 50% stake in Switzerland-based classical music promoter The Classical Company AG.
Germany-based DEAG is acquiring the stake in the firm from another Swiss company, media group Ringier AG, through its fully-owned subsidiary DEAG Classics AG.
Once the deal has gone through, DEAG will own 100% of The Classical Company.
Ringier AG will continue to support business activities in Switzerland as a media partner until 2020.
According to a statement issued by DEAG, “The transaction is another step towards successively reducing minority interests with the aim of increasing the earnings per share attributable to DEAG shareholders”.
Founded in 2010, The Classical Company AG (Switzerland) is one of the leading promoters of classical music concerts in Switzerland.
The company has worked on concerts for Lang Lang, David Garrett, Italian tenor Vittorio Grigolo, Nigel Kennedy, Simone Kermes and many others.
The company is promoting a performance by opera singer Anna Netrebko’s in Lucerne in February 2019.
DEAG promotes around 4,000 concerts a year and was founded in 1978.
In June, MBW interviewed DEAG CMO Detlef Kornett about the company’s 40th anniversary.Music Business Worldwide