Germany-born Ticketing and live entertainment giant CTS Eventim has entered into a new 50:50 partnership with legendary US promoter Michael Cohl.
Cohl’s career spans over 45 years as a Producer and Promoter, having worked with Barbra Streisand, Oprah Winfrey David Gilmour, The Rolling Stones, Pink Floyd, U2, Michael Jackson, Frank Sinatra and many more.
CTS Eventim and Cohl will each hold 50% of the shares of the new company, but Eventim has a controlling interest.
The entity is based in New York City and will be led by Michael Cohl and Glenn Orsher.
The partnerships’ financials will be consolidated in CTS Eventim’s financial reports according to IFRS.
Whereas Michael Cohl will add his concert business and comprehensive network to pursue the new entity’s mission, CTS Eventim will provide full access to the Eventim LIVE network, ticketing platform and its full portfolio of products and services around live events.
Eventim Live was created last March after CTS Eventim combined its European promoter activities into a new unit based in London.
CTS Eventim expanded into Russia last yer with the acquisition of promoter Talent Concert International.
“Together with Michael and his unique network we will create a new platform out of New York for global artists and talent.”
Klaus-Peter Schulenberg, CTS EVENTIM
CTS Eventim CEO Klaus-Peter Schulenberg (pictured) said: “Together with Michael and his unique network we will create a new platform out of New York for global artists and talent.
“We are very excited to support this venture with CTS Eventim’s full range of capabilities from Eventim Live to ticketing and to make our contribution to creating a new success story.”
Michael Cohl comments: “I’m looking forward to working with Klaus and his great team and building a unique 21st century global touring company.”
“I am very pleased that with Michael Cohl we now also have a super strong and experienced US partner with whom we can access new territories around the globe.”
Dr Frithjof Pils, EVENTIM LIVE
Dr Frithjof Pils, Managing Director of Eventim Live added: “It was only in March 2019 that we bundled our promoter activities in the new unit Eventim Live.
“After less than a year, our network already comprises 33 international and national promoters who organise more than 40 festivals and around 6,000 live events with 12 million visitors in 14 countries every year.
“This shows: our idea is successful. I am very pleased that with Michael Cohl we now also have a super strong and experienced US partner with whom we can access new territories around the globe.”Music Business Worldwide