Splendid Medien and edel music sign cooperation agreement
Press release - September 08, 2004
(Cologne/Hamburg 8 September 2004) WVG Medien GmbH of Hamburg, a 90% subsidiary of Splendid Medien AG of Cologne, and edel music AG of Hamburg have signed a long-term agreement on exclusive cooperation covering Germany, Austria and Switzerland. From November 2004 onwards, the subsidiaries of edel, edel distribution and optimal media production, will provide WVG with wide-ranging services including those for the production, storage, logistics, accounts receivable and returns sectors.
edel music AG is Europes leading independent music company and is represented on all of the worlds important music markets with its international network of partnerships, affiliates and subsidiary companies. In addition to marketing their own artistes, the company also provides comprehensive services for the entertainment industry.
WVG Medien GmbH, is a leading DVD supplier in Germany. Splendid Film, Polyband, Kids for Kids, National Geographic, Elite Film, I-On New Media and Marco Polo are amongst the most important market labels. Since July 2004, Splendid Medien AG of Cologne has held a 90% interest in WVG Medien.
Timo Steinberg, COO of edel music AG states: "I am delighted that we have been able to win over a powerful partner in WVG and the team led by Alexander Welzhofer for long-term cooperation. This is another significant step along the path already announced, aimed at the further extension of the service sector of the edel Group and being able to offer comprehensive and flexible services for the entertainment industry."
Jörg Hahn, CEO of optimal media production comments: "I am certain that this cooperation will have a positive influence on business for both parties. Even during the preliminary discussions and negotiations there were clear indications that our individual market appraisals showed a high degree of similarity so that I am really looking forward to addressing the future challenges of the entertainment industry together with Alexander Welzhofer, WVG and their business partners and associates."
Alexander Welzhofer, CEO of WVG Medien and member of the Board of Management of Splendid Medien AG adds: I am looking forward to working together in future with our favourite partner, edel music AG, and their successful subsidiary companies, edel distribution and optimal media production. Through this cooperation, WVG and edel will be combining their strengths and their expertise. This is the right step forward into the future from which all partners will be able to profit both operationally and strategically.