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ots Ad hoc-Service: DEAG AG
DEAG sets up international entertainment holding company in Switzerland and takes over the majority of Entertainment One
Ad hoc-announcement edited and sent by DGAP. The sender is solely responsible for the contents of this announcement. ----------------------------------------------------- Berlin (ots Ad hoc-Service) - DEAG sets up international entertainment holding company in Switzerland and takes over the majority of Entertainment One Increase of turnover to DM 650 million in 2001, with an above-average improvement in earning power In the context of its strategic policy of international expansion, DEAG has set up a Swiss holding company, DEAG Global Entertainment Holding AG, with a capital stock of 10 million Swiss francs. The aim of this new company is to acquire majority stakes in international tour and management agencies as well as to expand DEAGs tours and concerts business. Its first engagement is a 70% stake in the stock of Zurich-based Entertainment One AG, which is managed by Marcel Avram, the founder and former CEO of Mama Concerts & Rau. This acquisition will almost fully be financed out of the groups cash flow. Mr. Avram retains a 30% stake in the company and committed himself as CEO for five years. Mama Concerts & Rau will close up its business by the end of ongoing tours. In securing the services of Marcel Avram, DEAG - after its investment in Marshall Arts, London, foundation of Richard Ogden Management, London and takeover of Good News AG, Zürich - has taken another major step on the road to becoming a global player. Only a handful of people in the entertainment business can rival Mr. Avram's lengthy experience as an international producer and tour promoter: Barbra Streisand in London, Eros Ramazzotti in Mexico City or Stockholm, Michael Jackson in Tokyo or Buenos Aires or Tina Turner in Tel Aviv. It would be difficult to find a superstar who was not presented by Marcel Avram. In Los Angeles Avram five years ago was elected "International Promoter of the Year". Entertainment One AG plans in 2001 to gross turnover in high double figures-millions. The company has currently concluded or negotiated national and international contracts with Eric Clapton, Rod Stewart, AC/DC, Santana, Andrea Bocelli and Jethro Tull. In addition, Entertainment One AG has agreed to terms with Andre Rieu on exclusive concert and tour management in all countries outside Europe (the U.S., Canada, Australia and Japan). As DEAG subsidiary coco Tours represents Mr. Rieu in Europe, his worldwide concert, gala and tour management has now been combined. In view of the continued positive trend in the business and because of the first 12 months inclusion of Good News AG and STELLA Entertainment AG, DEAG forecasts revenues of at least DM 650 million in 2001 (2000: roughly DM 500 million), an EBITDA of DM 45 million (2000: DM 29 million) and EPS of 1.0 EURO. End ----------------------------------------------------- Internet: http://recherche.newsaktuell.de Original-Content von: DEAG Deutsche Entertainment AG, übermittelt durch news aktuell