BERLIN (CelebrityAccess) — Label services company BMG and their live partner Underground, announced the acquisition of a majority stake in KARO Konzert-Agentur Rothenburg GmbH, organizer of the boutique rock and pop-oriented Taubertal Festival.
The deal expands BMG’s live music and entertainment business to encompass music festivals, along with its previous focus on touring, booking and concert production.
Through the partnership, Undercover and BMG will leverage their experience, reach, and partner networks to expand the festival and the brand behind it.
Founded in 1996, the festival has grown to become one of the most popular mid-sized boutique events in Germany.
“After twenty-five very successful years, I am looking forward to a new chapter. I see the partnership with BMG as a valuable support in underpinning the position of Taubertal-Festival as a top national festival brand and in bringing the media activation of the festival to a top international level. I am excited to be able to build up the festival headliners of the future together with BMG and to be part of BMG’s live entertainment offering started together with Undercover,” said Volker Hirsch, CEO KARO Konzert-Agentur Rothenburg GmbH and founder of Taubertal-Festival.
“One year after Undercover joined BMG, we can now close the festival gap in our live portfolio and thus further expand our joint vision of live entertainment and artist partnership. In Volker’s and my first conversation about moving closer together it immediately became clear: The values of KARO, BMG and Undercover including fairness and transparency fit together incredibly well. My team and I are really looking forward to working together,” added Michael Schacke, CEO Undercover and head of BMG’s live business.
The financial terms of the deal were not disclosed.