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22.02.2000 – 09:01

DEAG Deutsche Entertainment AG

ots Ad hoc-Service: Dt. Entertainment AG DEAG takes over Loreley amphitheatre and considerably extends its venue market leadership in German speaking countries

The sender is solely responsible for the contents of this announcement. ------------------------------------------------------

    Berlin (ots Ad hoc-Service) -      

    DEAG takes over Loreley amphitheatre and considerably extends its venue market leadership in German speaking countries

    With a long-term lease DEAG takes over the Loreley amphitheatre in St. Goarshausen, one of Germany's leading open-air venues and an ideal supplement to the Waldbühnen in Berlin and Schwarzenberg, which are likewise built as amphitheatres and operated by DEAG. Together with the indoor venues Max Schmeling Arena and Velodrom in Berlin and the Jahrhunderthalle in Frankfurt, recently taken over from Hoechst AG, DEAG now has six multipurpose venues with a total visitor capacity of almost 80,000, excluding the variety theatres operated by DEAG in Berlin, Düsseldorf and Stuttgart.

    The more than 60 years old Loreley amphitheatre, which is located above the river Rhine, has a total capacity of 18,000 visitors. It hosts numerous festivals, such as the legendary WDR Rockpalast festival or the annual Loreley Opera Festival and is well known beyond the regional borders.

    Similar to the likewise listed SFX Entertainment, which has built up a network of venues, including more than a dozen of amphitheatres, in the USA during the last years, such a network of venues will provide DEAG with a huge, artist-independent result potential. On the one hand, synergies can be tapped in terms of costs, for instance through pooling resources in procurement, e.g. through inter-location power supply contracts or gastronomy partnerships. On the other hand, the venues with their extremely emotional and hence valuable customer contacts at the "point of consumption" represent an excellent platform for the advertising industry and sponsors.

    DEAG expects this venue strategy to result in an annual visitor potential of 1.3 million spectators and sales revenues of more than DM 40 million through income from letting, ticket sales and gastronomy, amongst others.

    Commenting on this move, DEAG CEO Peter Schwenkow said: "With the conclusion of the lease for the Loreley amphitheatre we are extending our clear market leadership in venue operation. Our strategic orientation as a live entertainment service provider, which goes far beyond the activities of a concert promoter and theatre operator, now has the necessary critical mass to be also effective in the venues segment. The know-how which is already available in the company, will allow us to benefit from first synergy effects in venue management already this year. Our proven expert knowledge based on a successful track record of two decades of experience in the venue business was the deciding factor for the Parliamentarian decision in St. Goarshausen to co-operate exclusively with DEAG."

    This Ad hoc Communication and further information can be accessed in the DEAG News Archives under www.deag.de/ir or obtained from Dr. Martin Fabel, Investor / Public Relations, Tel. 030-810750.

       End of messasage ----------------------------------------------------- Internet: http://www.newsaktuell.de

Original-Content von: DEAG Deutsche Entertainment AG, übermittelt durch news aktuell

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