GENEVA, Switzerland (CelebrityAccess) — Germany live entertainment company DEAG announced it has acquired a 100% stake in two of Franco-Switzerland’s top concert promotion companies Live Music Production (LMP) and Live Music Entertainment (LME).
The two companies, founded by Michael Drieberg, who, over the last 20 years has brought artists such as Johnny Hallyday, Sting, Zucchero and David Guetta to the market.
Drieberg and his team will continue to oversee the Swiss companies for DEAG, expanding their footprint outside of the German-speaking regions of Switzerland to cover the entire market, which DEAG estimates to be worth about $35 million a year.
In addition, Drieberg’s group operates the historic metropolitan theater 2,000-capacity “Salle Métropole” in Lausanne on Lake Geneva, and the open air “Sion sous les étoiles” festival, which attracts 40,000 fans a year to the Swiss canton of Valais.
“With this investment, we are accelerating the strategic expansion of our business activities in Switzerland by expanding our event offering with first-class French-speaking artists and events and gaining excellent access to the French-speaking market,” DEAG’s Detlef Kornett said.
The financial terms of the transaction were not disclosed.