Thursday, September 20, 2012

Entertainment Empire AEG Confirmed Up For Sale

Hisham Dahud/Hypebot

Denver-based Anschutz Co. is said to have confirmed the sale of its sports-and-entertainment empire,Anschutz Entertainment Group (AEG). AEG's has under its belt over 100 venues all over the world, including the Staples Center in Los Angeles and theO2 Arena in London, while their concert promotion division (AEG Live) produces popular music festivals like Coachella, Stagecoach, and the New Orleans Jazz & Heritage Festival. AEG Live is the runner up only to Live Nation as a leading concert promoter.
Anschutz is a holding company operated by billionaire Philip Anschutz, founder of Denver-based the telecommunications giant Qwest, and this AEG subsidiary could be valued at several billion dollars, according to the Wall Street Journal. Billboard reports that the sports and entertainment firm has "multiple suitors."

"Given the success of the management team and employees in establishing AEG as one of the premier real estate development, live sports and entertainment platforms in the world, as well as the value AEG has created with the strategic assets that comprise its platform, this is an appropriate time to transition AEG to a new qualified owner," said Anschutz president Cannon Harvey in a statement.

Stay tuned for more updates as we receive them.

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