The Anschutz Company is considering selling sports and entertainment company Anschutz Entertainment Group (AEG), the Wall Street Journal reported late on Tuesday, citing people familiar with the matter. A news release was later sent confirming that the Anschutz Company is commencing a process to sell AEG.
Denver billionaire Philip Anschutz has privately held AEG on the block for $7 billion, sources tell Billboard.biz. The massive sports and entertainment firm has “multiple suitors.” Anschutz Company has retained as financial advisors Blackstone Advisory Partners, which recently managed the auction of the Los Angeles Dodgers, according to the news release.
AEG’s assets include more than 100 arenas, stadiums and clubs in countries on five continents, including such powerhouse facilities as the Staples Center in Los Angeles and the O2 Arena in London. AEG Live, AEG’s concert promotion division, produces numerous global treks and such festivals as Coachella, Stagecoach and the New Orleans Jazz & Heritage Festival. AEG Live is second only to Live Nation in the concert promotions business, having grossed nearly $798 million in 2011.
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