GERMANY (VIP-Booking) – German record company BMG has reached an agreement that will transfer its two live companies, Undercover and Karo, back to their minority shareholders. This development comes after BMG CEO Thomas Coesfeld’s recent announcement outlining BMG’s intent to concentrate on its primary service areas of music publishing and recordings.
In October 2020, BMG acquired a majority stake in Undercover, a successful promoter based in Braunschweig. Following this acquisition, BMG and Undercover established a strategic partnership with Karo, the company responsible for the renowned Taubertal Festival. The newly finalized agreements will restore the two companies to their former ownership structures.
Dominique Casimir, BMG’s Chief Content Officer, commented, “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, the founder and proprietor of Undercover, expressed, “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, stated, “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.”
