June 23, 2010

By By Wolfgang Spahr, Berlin

DEAG Classics, a subsidiary of Deutsche Entertainment in Berlin and Sony Music Classical in Munich, has increased its shareholding in the British classical music promoter Raymond Gubbay Ltd (RGL).

The Berlin-based classical promoter now has 100% of the shares of RBL, up from its 75.1% stake in the London-based promoter.

The shares were acquired from chairman Raymond Gubbay, who founded the company in 1966, and managing director Anthony Findlay. The purchase price was not disclosed; it was paid for in cash.

Gubbay has extended his chairman contract to 2014 and Findlay has signed on to remain as managing director until 2018.

"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 U.K.," said Peter Schwenkow, CEO of DEAG, in a statement. "We look forward to the continuing expansion of RGL under its very experienced management team."

The annual Raymond Gubbay Christmas Festival features over one hundred and eighty performances in London, Birmingham, Manchester, Glasgow and major towns and cities throughout the U.K.

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