Anschutz Entertainment Group offered for sale
AEG is a sports-and-entertainment company with extensive holdings across the globe. The Wall Street Journal, which broke the news of Anschutz’s decision, said the sale could fetch several billion dollars.
Based in Los Angeles, AEG is a wholly owned subsidiary of The Anschutz Company. The Denver-based company announced it “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 Anschutz Company has retained Blackstone Advisory Partners as its financial adviser for the sale process. Blackstone managed the $2.15 billion auction of the Los Angeles Dodgers earlier this year.
Cannon Harvey, president of The Anschutz Company, said in a statement that “this is an appropriate time to transition AEG to a new qualified owner” because the company has established itself as “one of the premier real estate development, live sports and entertainment platforms in the world …”
Harvey also said: “The Anschutz Company has the highest confidence in AEG's potential and its management, and will only undertake a transaction that reflects this confidence."
AEG owns a collection of sports teams and arenas, including the Staples Center in Los Angeles. The company also owns a stake in the Los Angeles Lakers. AEG owns or operates such venues as The O2 in London, Best Buy Theater in New York City and Sprint Center in Kansas City.