DGAP-News: CTS Eventim AG & Co. KGaA
/ Key word(s): Joint Venture
Munich/New York, 21 February 2020. CTS EVENTIM, one of the world's leading providers of ticketing and live entertainment, has announced the creation of a new 50:50 partnership with legendary US promoter Michael Cohl.
Through this partnership, CTS EVENTIM together with Michael Cohl, will actively acquire world-class content for global touring.
For EVENTIM LIVE, CTS EVENTIM's Promoter network, this step marks the next milestone in its still young, yet very successful history. The partnership is set to provide a comprehensive global live entertainment platform, from concept creation to production and promotion for world-class content.
Both partners will contribute to this partnership. Whereas Michael Cohl will add his concert business and comprehensive network to pursue the new entities mission, CTS EVENTIM will provide full access to the EVENTIM LIVE network, ticketing platform and its full portfolio of products and services around live events.
CTS EVENTIM and Michael Cohl hold 50 percent of the shares of the new company. CTS EVENTIM is consolidating revenues and earnings and has a controlling interest. The entity is based in New York City, USA and will be led by Michael Cohl and Glenn Orsher. The partnerships' financials will be consolidated in CTS EVENTIM's financial reports according to IFRS.
CTS EVENTIM CEO Klaus-Peter Schulenberg says: "Together with Michael and his unique network we will create a new platform out of New York for global artists and talent. We are very excited to support this venture with CTS EVENTIM's full range of capabilities from EVENTIM LIVE to ticketing and to make our contribution to creating a new success story."
Michael Cohl comments: "I'm looking forward to working with Klaus and his great team and building a unique 21st century global touring company."
Dr Frithjof Pils, Managing Director of EVENTIM LIVE adds: "It was only in March 2019 that we bundled our promoter activities in the new unit EVENTIM LIVE. After less than a year, our network already comprises 33 international and national promoters who organise more than 40 festivals and around 6000 live events with 12 million visitors in 14 countries every year. This shows: our idea is successful. I am very pleased that with Michael Cohl we now also have a super strong and experienced US partner with whom we can access new territories around the globe."
About CTS EVENTIM
About Michael Cohl
21.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||CTS Eventim AG & Co. KGaA|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||981551|
|End of News||DGAP News Service|