Philip Anschutz Selling AEG
Sep 19, 2012
The entertainment corporation that has the L.A. Kings, L.A. Live, Staples Center, the Tour of California and the L.A. Galaxy is now listed for sale.
Billionaire Philip Anschutz, 72, is aggressively seeking a buyer for AEG, which also has a minority stake in the L.A. Lakers. Anschutz is currently being advised by the Blackstone Group.
AEG owns real estate and entertainment venues around the world, like the O2 arena in London and the O2 World arena in Berlin, in addition to running a global concert promotion business.
When the multi-billion-dollar sale of AEG is finalized, it will be the largest sports-based transaction in history.
A likely bidder for AEG with confirmed interest is California billionaire Patrick Soon-Shiong, a biotechnology entrepreneur and the richest man in Los Angeles.
AEG came to global public attention in 2009 as the promoter for Michael Jackson's "This Is It" concert tour at the time of the Los Angeles singer's death.
The Anschutz Entertainment Group is the subject of a current lawsuit regarding the death of Michael Jackson, filed by mother Katherine Jackson. The Jackson lawsuit against AEG alleges:
"By the nature of their contractual, joint-venture, and special relationship, AEG had legal duties to Michael Jackson to treat him safely and to not put him in harm's way. But AEG, despite its knowledge of Michael Jackson’s physical condition, breached those duties by putting its desire for massive profits from the tour over the health and safety of Michael Jackson."
Regardless, Philip Anschutz is selling the Anschutz Entertainment Group.
