BERLIN (CelebrityAccess) — Multi-faceted German entertainment company DEAG continued the expansion of their live entertainment division with the reacquisition shares in the European ticketing platform MyTicket AG.
DEAG announced that they had reacquired 24.9% of the ticketing company’s outstanding shares from Starwatch Entertainment GmbH, bringing their holdings in the company up to 75.1%.
Per DEAG, the acquisition is part of a larger strategy to reduce minority partner participation in their businesses to increase earnings per share. Other recent moves have included the reacquisition of the label assets of DEAG Classics from Sony which included some live assets in the UK and DEAG’s recent purchase of the Belladrum Tartan Heart Festival in Scotland.
mytic MyTicket AG is the parent company behind branded ticketing platforms in Austria, Germany, and the UK.
“We’d like to thank our partners ProSiebenSat1 and Starwatch for the joint establishment of MyTicket AG in its start-up phase, and I look forward to continuing our close cooperation in the other areas as before. MyTicket AG’s market shares are growing strongly and with myticket.de and myticket.at it has developed into one of the leading electronic ticket platforms,” DEAG founder and CEO Peter Schwenkow said.
“The acquisition of MyTicket wants to increase our earnings per share within the next few years. So we want to continue to expand DEAG’s ticketing business. This share increase is in line with our goal of successively reducing our minority shareholdings to return to an attractive dividend policy,” Schwenkow added.
