BERLIN (CelebrityAccess) — German entertainment conglomerate DEAG announced they had re-acquired 49% of DEAG Classics AG from Sony Music Germany, giving the company complete control over the label.
The is the first step for DEAG to shed its minority partners in the market and represents a long-term strategy for the company to increase its earnings per share in the sector.
The move also comes as the company focuses on its operations in the UK, one of its two critical markets.
As a part of the transaction, DEAG announced that they were selling their stake in British live fine arts producer Raymond Gubbay Limited to Sony Music Entertainment International Limited.
However, joint ventures with Raymond Gubbay Limited, such as concert and festival promoter Kilimanjaro Live and Flying Music Group, will continue unchanged, the company said.
The transaction will also see DEAG with a 100% stake in The Classical Company AG (Switzerland).
DEAG Classics has exclusive deals with some of the top artists in classical music, including artists like Anna Netrebko and Yusif Eyvazov, but also works with Rolando Villazón, the Berlin Philharmonic, Till Brönner, Joja Wendt and The Piano Guys.
The financial terms of the transaction were not disclosed.