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Business News Deals Live Business
DEAG takes controlling stake in LiveStyle’s I-Motion
By Andy Malt | Published on Monday 10 June 2019
Having bought a controlling stake in one German promoter – C2 Concerts – earlier this month, DEAG has done it again by buying into I-Motion, the German division of US live company LiveStyle.
DEAG now owns a cool 50.1% of that company, which is one of Germany’s biggest electronic music promoters. Founded in the 1990s, I-Motion was acquired by SFX Entertainment in 2013 and remained a subsidiary of the company after it came out of bankruptcy and rebranded as LiveStyle in 2016.
Commenting on now being in business with DEAG, LiveStyle CEO Randy Phillips says: “Many years ago I had the pleasure of negotiating the purchase of [German live music firm] MAMA Concerts & Rau by DEAG. In the course of closing that transaction, I got to know [DEAG chief] Peter Schwenkow quite well and was very impressed by his love of music, business acumen and vision for [his company]. It seems I was right then and am right now”.
He goes on: “In addition, [DEAG board member] Detlef Kornett and I were colleagues for many years at AEG and I am THRILLED to be re-united with my friend. The key execs at I-Motion feel that DEAG is a great fit for them and I know it will be a great partner for LiveStyle in Germany”.
Schwenkow adds: “The partnership with I-Motion and LiveStyle offers us further potential for our ticketing business. Through the targeted introduction of individual events abroad, we will also have the opportunity to grow internationally. For example, by offering the established and very successful electronic event ‘Mayday’ again in Poland, the UK and Switzerland in the future”.
