Pozitif Sold To Corporate Giant
Corporate giant Dogus Holding has bought 80 percent of Pozitif Productions, Turkey’s major promoter, in a deal done through IMG Worldwide, its media and entertainment subsidiary.
The financial details haven’t been released and Pozitif is expected to continue operating as an independent company, although benefitting substantially from Dogus’s capital input.
“There’s no change in our practical lives so far,” said Pozitif festival promoter Baris Basaran, although the company’s staff is expected to move across Istanbul to the IMG offices in June.
The deal had been rumoured for about five months and in January Pozitif chief Cem Yegul told Pollstar that negotiations had reached the due diligence stage.
Dogus Holding A.S. started in the construction business in 1951 and now owns a string of banks and international media companies.
Pozitif, has promoted such international touring acts as Red Hot Chili Peppers, U2, Jessie J, R.E.M., and Bob Dylan in the 20 years since its founding.
It also has a string of festivals including Efes Pilsen Blues Festival, Akbank Jazz Festival, Efes Pilsen One Love Festival, Mono Festival and the new Vodafone Istanbul Calling, which is to open May 30 with Rihanna playing a sold-out 42,000-capacity Inonu stadium.
Until this year, Pozitif produced the 10-year-old Rock-N-Coke Festival, although the contract to run that has now gone to organisers of Hungary’s Sziget Festival.
The other acts on Istanbul Calling, which runs May 1 to August 15 and uses several of the city’s venues, include Tiesto, The National, Bloc Party, The Prodigy, Thirty Seconds To Mars, Sigur Ros, Snoop Dogg, Kesha, Iron Maiden, The xx, and Placebo.