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AEG for sale: Anschutz company to sell sport and entertainment division
Anschutz Entertainment Group, the global owner and operator of major sports facilities and a partner in AEG Ogden venue management joint venture in Australia and the Asia-Pacific region, has been put up for sale by its parent company
Anschutz Co. announced on Tuesday that it is "commencing a process" to sell its AEG subsidiary and has hired Blackstone Advisory Partners as an adviser. The Associated Press reported that the sale price for AEG could well reach into billions of dollars.
In a statement, Anschutz Co. President Cannon Harvey explained "this is an appropriate time to transition AEG to a new qualified owner. This process represents a unique opportunity to maximise value for all concerned."
AEG currently owns and operates seven ice hockey clubs in the United States and Europe including the National Hockey League's Los Angeles Kings the reigning Stanley Cup champion.
AEG also owns Major League Soccer's Los Angeles Galaxy and Houston Dynamo as well as Swedish team Hammerby, and holds a stake in National Basketball Association franchise the Los Angeles Lakers.
AEG Facilities' stadium and arena operations are also a major part of the business as operator of the Staples Center in Los Angeles and New York's new Barclays Center, along with London's O2 Arena and Shanghai's Mercedes Benz Arena.
AEG Ogden is a joint venture between Australian interests and AEG Facilities.
AEG Ogden manages venues throughout the region including the Brisbane, Cairns, Darwin, Kuala Lumpur and Qatar and Oman (under construction) Convention Centres, Suncorp Stadium in Brisbane and live theatres including Perth's His Majesty's Theatre and the Perth Concert Hall, Sydney's Allphones Arena, the Brisbane Entertainment Centre, the Newcastle Entertainment Centre, and the Perth Arena (currently under construction).
In Western Australia, AEG Ogden also manages the State Theatre Centre, Albany Entertainment Centre, and Subiaco Arts Centre.
AEG's network of strategically integrated real estate, sports and entertainment assets in key world markets has transformed the business model of live entertainment and sport - and positively impacted whole cities in the process.
AEG delivers growth and profitability through its unique combination of venues, content, distribution and services, covering all aspects of production, including content development and ownership, talent management, promotion, ticketing, marketing, and distribution.
While a buyer is sought, Harvey reassured partners, executives and employees that "we will conduct this (sale) in a manner that avoids disruption of the day-to-day operations of AEG and its constituencies. The Anschutz Company has the highest confidence in AEG's potential and its management, and will only undertake a transaction that reflects this confidence."
The sale also includes AEG Live, which produces top tours, festivals and special events, including the acclaimed Coachella Music & Arts Festival, Stagecoach and New Orleans Jazz & Heritage Festival. AEG Live encompasses all aspects of live contemporary music performance, such as touring, festival, broadcast, merchandise and special events, and owns, operates or exclusively books 35 venues in USA.
Following the Anschutz Co announcement AEG Ogden Chairman and Chief Executive Harvey Lister insisted it will be "business as usual" for AEG Ogden.
Lister said he had been aware of the planned sale and had no concern about the development, stating "Phil Anschutz is a legend in our industry and he and (AEG President and Chief Execuitve) Tim Leiweke are to be commended for what they have built. "Irrespective of who purchases AEG, its AEG Facilities Inc Division will remain a partner and shareholder in AEG Ogden.
"We don't anticipate any impacts or changes to the AEG Ogden business or to the extensive resources available to us from our AEG group of companies worldwide. It might ...
For more information go to www.aegogden.com/
Lower image shows the Mercedes Benz Arena, Shanghai, China.
9th February 2011 - AEG GOES ITS OWN WAY ON TICKETING
1st March 2010 - LIVE NATION EXECUTIVE SPINS TICKETMASTER MERGER
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