Ad-hoc | 4 February 2002 08:38

edel music AG english

edel and PIAS go separate ways Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– edel and PIAS go separate ways Management buy-out of edel music’s majority stake in Play It Again Sam edel music AG has sold its majority stake of 74,9% in the Play It Again Sam (PIAS) group, Brussels, to the PIAS management, consisting of its founders Kenny Gates and Michel Lambot and CFO Philippe Saussus. The amicable separation has been planned for a longer period and was indicated several times by both parties. The desinvestment is part of edel’s current restructuring and refinancing program, which means the refocussing on A&R and product development as well as the strategic concentration on edel’s core companies. Recent initiatives in this respect were the desinvestments of Red Distribution, New York, and Eagle Rock Entertainment, London. A provision on the book value of the PIAS investment has been accounted for, further financial obligations for edel do not exist. Playground Music Scandinavia stays part of the edel group. As part of the agreement between edel and Play It Again Sam, Playground Music Scandinavia AB will be disintegrated from PIAS and stays part of the edel group, which holds a majority stake of 51%. Playground, co-owned by British labels Mute and Beggars Banquet as well as the Playground management, is one of the leading independent music companies in Scandinavia and runs operations in all Nordic countries. It has already been working closely to edel records division and will, as recently announced, in the future represent edel in Sweden and Norway. Hamburg/Brussels, February 4th, 2002 Contact: edel music AG, Baerbel Tomas, Tel: +49-40-89085-225; Fax: -310; Baerbel_Tomas@edel.com end of ad-hoc-announcement (c)DGAP 04.02.2002 ——————————————————————————– WKN: 564951; ISIN: DE0005649503; Index: Listed: Geregelter Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 040838 Feb 02