Anschutz Entertainment Group for Sale
UPDATED: AEG CEO Tim Leiweke said "The new owner will have the historic opportunity to benefit from AEG’s strategy to reunite Los Angeles with the NFL."
Anschutz Entertainment Group is for sale.
The unit of Anschutz Corp., primarily an energy conglomerate owned by billionaire Philip Anschutz, includes the Coachella music festival, the Los Angeles Kings hockey team, part of the L.A. Lakers basketball team and AEG Live, a concert-promotions business.
AEG also includes the Staples Center in L.A., the O2 arena in London and the L.A. Galaxy soccer team. AEG is also seeking approval to build a stadium that would ultimately be home to an NFL team.
The assets held by AEG could fetch a price in the billions.
AEG, though, does not include Regal Entertainment Group, a publicly traded movie exhibition chain that is largely owned by Anschutz, so that particular asset presumably will not be part of such a sale.
"The Anschutz Company will undertake the sale to the qualified party best able to reflect the full value of AEG and fully committed to working with AEG’s management team as it pursues its long-term business objectives," the company said Tuesday.
Anschutz said it has retained as financial advisors Blackstone Advisory Partners, which recently managed the auction of the L.A. Dodgers.
"The new owner will have the historic opportunity to benefit from AEG’s strategy to reunite Los Angeles with the NFL, as AEG moves forward with its efforts to bring an NFL franchise to Farmers Field to be built at L.A. LIVE," said AEG CEO Tim Leiweke.
AEG's 100 event venues service 42 million fans annually, the company said Tuesday.
“AEG is a proven innovator in real estate, sports and live entertainment, and is at the forefront of shaping the dynamics of these industries," said Leiweke. "Live entertainment is the economic driver of the music industry, and fan participation and experience are the cornerstones of professional sports – our platform regularly brings fans, sponsors and world-class talent together to create unparalleled opportunities in both segments."