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Schulenberg sells $243m of shares in Eventim

GERMANY                -
World News
November 26, 2019

CTS EVENTIM founder and CEO Klaus-Peter Schulenberg (pictured) has sold 4.2 million shares in the company, worth around €220 million ($243m)and represents more than four per cent of voting rights in the company.

Following the sale to “international investors”, the share value initially fell by around eight per cent.

The sale was by the KPS Stiftung (Foundation in English), which remains the largest shareholder in the company with 38.8 per cent. A statement says, “KPS Stiftung does not intend to further dilute its position as a main shareholder in CTS Eventim.”

CTS Eventim has reported a 19.7 per cent rise in group revenue during its third quarter (Q3) to €378m ($421.6m). Earnings before interest, tax, depreciation and amortisation (EBITA) was up 42.3 per cent compared with €65.2m ($72.7m) during the Q3 last year.

The pan-Europe ticketing and promoting giant says live entertainment revenue grew by 21.7 per cent to €276.9m ($308.8m) during the period, and its ticketing arm saw a 14.5 per cent rise in revenue to €106.6m ($118.8m).

Group revenue during the first nine months of Eventim’s fiscal year was €1.07 billion ($1.2bn).

Recent moves by the company include the acquisition of a minority stake in France Billet, the country’s largest ticketing company, and a majority share of Russian promoter Talent Concert International. Its pan-European promoter network, Eventim Live, now consists of 28 companies across 12 countries.

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