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DEAG Pulls Back From Austria

BERLIN (CelebrityAccess) — Germany promoter DEAG Deutsche Entertainment AG announced that it ended direct activities as a local promoter in Austria at the end of September in order to focus on the increasingly important live markets in Germany, the UK and Switzerland.

DEAG will present live entertainment events in Austria from Germany and in cooperation with independent and well-established Austrian promoters in the future. Furthermore, as part of its business focus, the Management Board has decided to end its direct activity as a local promoter in Austria via its subsidiary Blue Moon Entertainment and thus to close this business division. However, DEAG will continue to conduct sales activities in Austria via the company`s own ticketing platform

After Germany, the UK is increasingly developing into DEAG`s second home market. With its British subsidiaries Kilimanjaro Holdings Ltd. and Raymond Gubbay Ltd., as well as the Flying Music Group Holding Ltd. which was acquired in the middle of August 2017, DEAG is now one of the leading promoters and theatre producers in the UK. In 2017, the profitable UK business will contribute 40% to the Group`s total turnover.

"We aim to continue to grow profitably internationally. With the changed market strategy for Austria, we are transforming ourselves from a rival competitor into an attractive supplier of high-quality entertainment formats. Furthermore, we see good conditions in the UK, Germany and Switzerland, and will continue our expansion strategy. Our recent acquisition of the British Flying Music Group in August 2017 expanded our international portfolio of events. This will enable DEAG to continue to grow, especially in the area of family entertainment, but also in musicals and theatre events," said DEAG's Detlef Kornett.

"The clear premise of our expansion plans is always sustainable profitability. Discontinuing our direct business activities in Austria, we will improve lastingly our Group earnings in the future," adds Chief Financial Officer Ralph Quellmalz.