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DEAG Sets Up Joint Venture With Ticketmaster

(CelebrityAccess MediaWire) — The highly competitive German ticketing market has just grown even more so: Peter Schwenkow of Deutsche Entertainment (DEAG) has announced an agreement with Ticketmaster to set up a new outlet for the sale and distribution of tickets in the German market.

DEAG will be the minority stakeholder of the still-to-be-founded company. A spokesman for Deutsche Entertainment said that at this stage, no concrete information about DEAG’s stake is available, but it is supposed that the company will probably take between 10- and 25-percent of the new Ticketmaster outlet in the country.

The new entity will go by the Ticketmaster name, but there is no information yet as to where the offices will be located. For DEAG, this strategic move is very uplifting for the currently stagnating stock.

Ticketmaster belongs to Barry Diller’s InterActiveCorp.

The current German ticket market leader is CTS Eventim. A financial analyst speaking with VIP News said that the deal “might affect handling margins” for tickets, but as no concrete information about the roll out has yet been made, the real consequences remain to be seen.

Schwenkow remained hushed about the details in an interview with VIP News, but did say the deal had been in the works for “about a year.”

Schwenkow did, however, explain Deutsche Entertainment’s business strategy.

“I think the important point is that DEAG has signed two major deals with two international companies. With Warner last week and this week with Ticketmaster, DEAG is becoming stronger and stronger.” –by CelebrityAccess Staff Writers