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Clear Channel To Acquire Major Share in German Promoter Network

CTS Eventim AG, Germany's leading ticketing and live concert company, and Clear Channel Entertainment have signed a Letter of Intent giving CCE 49.9 percent of the CTS shares in its subsidiary Medusa, a holding company for all the concert promoters of CTS Eventim AG, giving it exclusive promotion rights for all Clear Channel Entertainment concerts in Germany, Austria and Switzerland. The promoters include Marek Lieberberg, Peter Rieger, Semmel Concerts, Scorpio and Argo. In 2001, Medusa generated approximately $113.7 million (Euro 130 million) in revenues. CTS will provide exclusive ticketing services to Medusa/Clear Channel Entertainment.

According to Klaus-Peter Schulenberg, CEO of CTS Eventim AG, the deal gives CTS an exclusive link to worldwide live entertainment programming for these markets and growth opportunities.