The new partnership will expand Eventim Live, CTS Eventim’s promoter network, beyond Europe and into North America.
“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,” said CTS Eventim CEO Klaus-Peter Schulenberg in a release.
“I’m looking forward to working with Klaus and his great team and building a unique 21st century global touring company,” said Cohl in a release.
While CTS Eventim and Cohl hold 50% of the shares of the new company, CTS Eventim is consolidating revenues and earnings and has a controlling interest. The partnerships' financials will be consolidated in CTS Eventim’s financial reports.
"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 6000 live events with 12 million visitors in 14 countries every year," said Eventim Live managing director Dr. Frithjof Pils in a release. "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."