Sony To Acquire Stake In DEAG Classics July 07, 2009
- Global
| Classical
By Wolfgang Spahr, Berlin
Sony Music Entertainment is to acquire a stake in the European classical music business of DEAG Deutsche Entertainment AG.
Effective July 7, Sony will acquire 49% of the capital of DEAG Classics AG (Berlin) for an undisclosed eight-figure euro amount in a contract containing fixed and earn-out elements.
Implementation of the agreement is subject to approval by the antitrust authorities. The CEO of the future joint venture will still be Peter Schwenkow, in addition to his position as CEO of the parent company, DEAG Deutsche Entertainment AG; he has agreed to serve in this role for the next five years to drive the expansion process. According to DEAG, there are plans to expand into some European countries.
Further information is to be announced at 3pm on Wednesday (July 8) at a press conference in Berlin by Rolf Schmidt-Holtz, CEO of Sony Music Entertainment and Bogdan Roscic, CEO of Sony Classical, and Peter Schwenkow, CEO of DEAG Deutsche Entertainment AG.
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