L.A.'s Richest Man Interested in AEG

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Patrick Soon-Shiong, the richest man in Los Angeles, has confirmed that he is interested in considering a play for live events company Anschutz Entertainment Group, which put itself up for sale earlier this week.

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“Dr. Patrick Soon-Shiong is well aware of the fact that AEG is in play,” a spokesman for the drug industry executive said in a statement, according to Bloomberg News.

Expressing his respect for company founder Phil Anschutz and AEG CEO Tim Leiweke and their role in revitalizing downtown L.A., he added: "We clearly are interested exploring the opportunity to further this legacy."

Known as a sports fan, Soon-Shiong bought Earvin "Magic" Johnson’s 4.5 percent stake in the Lakers a couple of years ago.

The South Africa-born surgeon and medical researcher is chairman of the Chan Soon-Shiong Family Foundation and chairman and CEO of the Chan Soon-Shiong Institute for Advanced Health.

AEG, owned by Denver billionaire Anschutz, is the world’s second-largest concert promoter. Among other things, it holds a 30 percent stake in the Lakers, owns the Staples Center in L.A., the O2 arena in London, the Coachella music festival, Stanley Cup champions Los Angeles Kings and the L.A. Galaxy soccer franchise.

Soon-Shiong's net worth is estimated at about $10 billion, according to Bloomberg.

He was part of an unsuccessful group that bid for the Los Angeles Dodgers, which was led by hedge fund manager Steven Cohen.

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The Los Angeles Times first reported that Soon-Shiong was seen as a possible bidder.

Email: Georg.Szalai@thr.com
Twitter: @georgszalai