Deutsche Entertainment AG Berlin (DEAG), a leading provider of live entertainment in Europe, has severed its ties with Sony Music Entertainment Germany. In a “buy-back”, they have acquired 49% of the shares in DEAG Classics AG, their classical and jazz subsidiary, which was previously owned by Sony.
As part of the buy-back, DEAG Classics AG is also selling its shares in UK company Raymond Gubbay Ltd, which organises live events in the classical, ballet and opera spheres. It will move into ownership of Sony Music Entertainment International Limited.
Although businesses are changing hands, the subsidiary companies under both Sony and DEAG expect to continue working together closely.
These include Kilimanjaro Live Ltd, a live musical event organiser which recently hosted a record breaking stadium tour with Ed Sheeran. Stuart Galbraith of Kilimanjaro commented: “We will continue to enjoy the full support and the opportunities of collaboration within the DEAG group…and with RGL in the future.”
Detlef Kornett, executive board member of DEAG, commented: “DEAG and I am grateful for the integrity, loyalty and the tremendous success we have experienced in partnering with Raymond Gubbay Ltd, in particular with its senior management…and their staff. We have seen through a fundamental change to the business…and are looking now at opportunities in the UK market to continue on our tremendous growth path.”
DEAG was founded in Berlin in 1978 and have provided live entertainment in rock & pop, classics & jazz, arts, exhibitions and family entertainment for 40 years. The transaction is intended to strengthen DEAG’s position in the UK market, which is one of its two core audiences.
Artists who DEAG work with include Anna Netrebko, the Berlin Philharmonic Orchestra, 2Cellos and The Piano Guys. Their subsidiary Kilimanjaro has worked with acts such Red Hot Chili Peppers, Rag’n’Bone Man and Benjamin Clementine. We can expect to see some of these musicians making waves in the UK live music scene soon.