DEAG Classics AG Increase Shareholding In Raymond Gubbay Limited

DEAG Classics AG, a subsidiary of Deutsche Entertainment AG and Sony Music Classical, have increased their shareholding in the leading British classical music promoter Raymond Gubbay Limited (RGL), from an existing 75.1 percent to 100 percent of the shares.

The shares were acquired from Chairman Raymond Gubbay CBE, who founded RGL in 1966, and Managing Director Anthony Findlay. The purchase price which is being paid in cash has not been disclosed. The two British senior executives of RGL have at the same time extended their contracts as Chairman and Managing Director until 2014 and 2018 respectively, thereby cementing their long-term relationship with RGL.

Since the acquisition of a shareholding by DEAG in April 2008, Raymond Gubbay Limited has proved to be a major strategic and economic pillar within the DEAG Group, also making a significant contribution to sales revenues and profits in the last financial year through a varied programme of concerts, opera, ballet and dance. 2010/11 year is already shaping up to show significant growth year on year, even given tougher market and economic conditions. RGL has also been successful in developing new shows and formats.

Peter Schwenkow CEO of DEAG said, "DEAG and Sony have greatly admired the work of Raymond Gubbay and Anthony Findlay and their team and have seen RGL move from strength to strength with high profile events with International Artists and a major presence at the most important concert venues in the UK. We look forward to the continuing expansion of RGL under its very experienced management team."

Raymond Gubbay said, "I am delighted that DEAG and Sony's continuing confidence in RGL has encouraged them to acquire the remaining shares. My new role from next year allows me to work a little less intensively whilst still maintaining my association with the company I founded forty-four years ago. RGL is fortunate in having a dedicated and hard working team headed by Managing Director Anthony Findlay and I look forward greatly to working alongside them all over the next four years."

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