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François Pinault to buy music platform Deezer

François Pinault to buy music platform Deezer

Kering founder François Pinault and two other founders of Paris-based I2PO will buy French music streaming platform Deezer for nearly €1.075 billion.

 

I2PO, the investment vehicle created last year by François-Henri Pinault and Matthieu Pigasse announced that it has reached a definitive agreement with Deezer to buy the music streaming group.

 

The ambition of this merger is to increase the company’s revenues to one billion euros by 2025, while achieving operational profitability and positive cash flow. Indeed, by 2021, Deezer would reach a revenue of 400 million euros.

 

The platform will also seek to penetrate more markets by expanding its partnership agreements. The streaming service will keep CEO Jeronimo Folgueira in his role after the merger. President Guillaume d’Hauteville will be replaced by Iris Knobloch, one of I2PO’s founders and a former WarnerMedia executive, before the end of the year.

 

The music streaming application Deezer provides access to more than 90 million tracks worldwide and other content such as podcasts and radio https://schweiz-libido.com. This takeover will thus propel all the platform’s figures upwards.

See Also

 

Read also > KERING EYEWEAR ACQUIRES EYEWEAR MANUFACTURER MAUI JIM

 

Featured photo : © Fondation Pinault

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