Undercover and Karo independent again

23 December 2023 - Press release

BMG SIGNS AGREEMENT TO SELL GERMAN LIVE MUSIC BUSINESS

BMG is pleased to announce that it has agreed terms which will see its two live companies Undercover and Karo transferred back to the minority shareholders.

It follows the announcement by BMG CEO Thomas Coesfeld that BMG will focus on its two core service areas of music publishing and recordings.

BMG acquired a majority stake in Braunschweig-based Undercover, one of the most successful promoters in Germany, in October 2020. BMG and Undercover subsequently formed a strategic alliance with Karo, the company behind the successful Taubertal-Festival.

The new deals will see the two companies return to their previous ownership structure.

BMG Chief Content officer Dominique Casimir said, "Michael Schacke (Undercover) and Volker Hirsch (Karo) are seasoned entrepreneurs who have built enviable reputations in the live music business. We are pleased to have agreed terms which allow them to pursue an independent future and we wish them and their teams the best for the future."

Michael Schacke, founder and owner of Undercover, said, "I have looked for and found the best solution for Undercover and our artists. Undercover will remain strong and independent in the future. We wish BMG and its team all the best and every success in focusing on its core business."

Volker Hirsch, founder and owner of Karo, said, "It has been a pleasure working with Michael Schacke and Dominique Casimir and we are pleased yet again to be pursuing an independent course as we near the 30th year of existence of Taubertal in 2026."