The Masterworks division of Sony Music Entertainment has acquired a 100% stake in classical promoter Raymond Gubbay Ltd from Berlin-based DEAG.
Masterworks previously held a 49% stake as part of a broader agreement with DEAG but has since divested itself of shares in DEAG’s German and Swiss companies.
Bogdan Roscic, Masterworks chief operating officer, said: “Sony Music‘s Masterworks division is now into its 10th year as a concert promoter. Our original investment in 2009 has been a strategically important and consistently profitable one, nowhere more so than in the UK, where Raymond Gubbay Limited is looking back on a string of absolutely record-breaking years.
"We feel that the future upside in this part of our portfolio is very much in the UK as well as in international projects driven from the UK and have therefore decided to acquire the remaining shares in RGL, becoming its sole owner. This will lead to a much closer collaboration between RGL and the Sony Music Masterworks team in London under Sarah Thwaites.
"There’s a great synergy at work here and I am confident our RGL colleagues under the leadership of Anthony Findlay, Jonathan Marks and Debra Eagers will deliver important opportunities as we continue to grow our overall UK business.”
DEAG has acquired 49% of DEAG Classics AG from Sony Music Germany as part of the deal.
Detlef Kornett, executive board member of DEAG, said: "DEAG and I am grateful for the integrity, loyalty and the tremendous success we have experienced in partnering with RGL ltd, in particular with its senior management Debra Eagers, Anthony Findlay and Jonathan Marks and their staff.
"We have seen through a fundamental change to the business of RGL while profitability increased in our time and the transaction allows RGL to prosper and at the same time the DEAG Classics business to continue to thrive, also in the UK. We are actively looking now at opportunities overall in the UK market to continue on our tremendous growth path that DEAG has started in partnership with Kilimanjaro and also Flying Music Group."
The move will not impact the cooperation of Raymond Gubbay Limited (RGL) and DEAG subsidiaries including the UK's Kilimanjaro Live, led by Stuart Galbraith, with which it collaborates on events such as Kew The Music.
DEAG acquired a majority stake in British promoter Flying Music Group through its UK subsidiary, Kilimanjaro Holdings, last year.
Galbraith said: "We will continue to enjoy the full support and the opportunities of collaboration within the DEAG Group, with Flying Music Group but also with RGL in the future. There are numerous opportunities for us to grow our business which we will be able to continue to exploit."