PLSN — October 2012
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Anschutz Company Puts AEG Up for Sale

LOS ANGELES — The Anschutz Company announced that Anschutz Entertainment Group (AEG) is for sale. AEG owns more than 100 venues, including Staples Center and London’s O2 arena. Its subsidiary, AEG Live, is the second-largest concert promoter, behind Live Nation. AEG also produces music festivals including Coachella, and its sports franchises include the Los Angeles Kings.

Press reports indicated that Los Angeles-based biotech billionaire Patrick Soon-Shiong is teaming up with Guggenheim, the investment firm that recently bought the Los Angeles Dodgers major league baseball team, to make a bid for AEG, and that other investors might join them in what will most likely be a multibillion dollar offer.

Other potential bidders cited in press reports include Madison Square Garden Co., which has been investing millions in Los Angeles-based sporting and entertainment related assets recently, and hedge fund billionaire Steve Cohen, who lost out on his bid for the Dodgers.

AEG chief executive Tim Leiweke said the company is looking at March 2013 as a hoped-for completion date for the complex transaction.