DEAG Deutsche Entertainment AG
ots Ad hoc-Service: Dt. Entertainment AG <DE0005513907> DEAG and LSG-Airport Gastronomiegesellschaft (catering company) to establish a joint entertainment and catering company
Berlin (ots Ad hoc-Service) -
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DEAG (WKN 551 390) and LSG-Airport Gastronomiegesellschaft mbH (LAG) (catering company), a subsidiary of LSG Lufthansa Service Holding AG, have agreed to establish a 50:50 catering services Joint Venture. Operating as a catering service provider, the joint venture will initially carry out complete handling of all catering duties connected with the DEAG Group's theatres and venues. Through its affiliation with the LSG Group, LAG has a strong purchasing position as well as know-how in the field of demanding system catering. LAG has been successfully managing the entire catering provision in DEAG's variety theatres Wintergarten (Berlin) and Roncalli's Apollo (Düsseldorf) for several years.
The new company is set to take over catering services in all other theatrical venues belonging to the DEAG Group (musical and variety theatres, multi- purpose halls, open-air arenas). In addition to this, Jahrhunderthallen- gastronomie GmbH and the canteen kitchen belonging to it, acquired last year, is to be leased to LSG Airport Gastronomiegesellschaft. Planned future development also includes achieving rapid growth in the external customer base. As a part of this, catering services are planned for top events and for public theatres and opera houses. Altogether, a sales volume totalling over DM 20 million is expected for the joint venture for 2002, with the company aiming at becoming Germany's leading catering company for entertainment and cultural events.
This joint venture brings with it optimisation of already existing synergies within DEAG. In addition to this, further market potential is opened up in the field of dual-utilization of its live content in the areas of musical variety and concert events through the now fourth spin-off (following the ticketing and leisure marketplace with START Amadeus GmbH a subsidiary of Lufthansa and the Axel Springer Verlag AG, the live internet entertainment portal ShowNet.de with Me, Myself and Eye Entertainment AG and the merchandising joint venture with Sunburst AG). DEAG's "content against equity" strategy guarantees minimal capital expenditure set against high percentage holdings in the new ventures.
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