MyTicket owner Deutsche Entertainment AG (DEAG) has announced it is acquiring 75 per cent of shares in the Danish promoter and producer CSB Island Entertainment.
The acquisition, via the firm’s wholly owned subsidiary DEAG Classics, will “significantly expand” the group’s activities and presence in Scandinavia.
CSB, which is one of the leading promoters and producers in Scandinavia, has an extensive partner network, a broadly diversified portfolio and its own worldwide rights to productions and shows, some of which it has developed itself. It has organised and hosted numerous concerts and events in Scandinavia with artists such as Sir Elton John and Kylie Minogue.
CSB company founder and chief executive Carsten Svoldgaard as well as chief operating officer Kenneth Svoldgaard will remain shareholders and will continue to manage the company in the long-term with their team, which will remain completely with the company.
Detlef Kornett (pictured), member of the executive board of DEAG, said: “DEAG has been working closely and successfully with CSB for many years, especially in the UK and Scandinavia but also in the Classics & Jazz sector.
“The investment in CSB is the next logical step of our trustful cooperation. Scandinavia is an economically strong market in Europe and is considered to be particularly digitally minded. We see good growth opportunities for our ticketing business in particular and expect to see synergy effects in our international business.”
DEAG Classics has grown to become one of the leading organisers and producers of classical and crossover concerts in Europe and Switzerland, in particular through the establishment of major classical open air concerts.
The news follows plans revealed by DEAG earlier this month to delist from the Frankfurt Stock Exchange after securing the support of the entertainment firm’s largest single shareholder.
Peter Schwenkow, chief executive and founder of DEAG, told TheTicketingBusiness at the time that he thought it was the right move to allow it to make strategic movements without “worrying about quarterly announcements, as is required with a public company.”
Image: DEAG