AEG is for sale, and why I think it's Karma for its owner for his maltreatment of Michael Jackson

Snow White luvs Peter Pan · Oct 14, 2012

I sadly second your comment, there's much more injustice in this world than justice. :sigh:

144000 · Oct 14, 2012

ivy said:
or it's because the owner is known to build businesses and sell them at their peak

they are asking for $10 Billion dollars. They don't have any financial problems.

all you said is he's asking for ten bill. how's that determining financial problems or not?
he wanted to buy something for cheap and didn't get it, as i have stated before. asking for ten bill? suurre.
anybody can ask for something, that doesn't mean they'll get it.
and notoriety? what's that? what somebody usually says about you. he's 'known' for something? People said a lot of bad things about Michael, financially, and tried to create 'notoriety' for him, but they were lying. so, just because Mr. A. is 'known' for building businesses and selling at peak, doesn't necessarily mean, we know the full story.

ivy · Oct 14, 2012

144 said:
all you said is he's asking for ten bill. how's that determining financial problems or not?

if you have an asset that's worth billions than that shows that you aren't in financial trouble. Don't we always say the same thing about Michael and that he had a catalog that's worth than a billion dollars?

do you have any evidence that Anshultz have any debt ? any debt close or bigger than $10 billion?

The only thing that would show a financial trouble would be a debt MORE than the assets/ cash. There's nothing to suggest that.

he wanted to buy something for cheap and didn't get it, as i have stated before. asking for ten bill? suurre.
anybody can ask for something, that doesn't mean they'll get it.

we'll wait and see. 8 to 10 billion seems to be expected amount. We'll see how much he gets. Imagine that he gets that amount * 8 to 10 billion) would you ever acknowledge that perhaps there was no financial problems and he even made a profit?

and notoriety? what's that? what somebody usually says about you. he's 'known' for something? People said a lot of bad things about Michael, financially, and tried to create 'notoriety' for him, but they were lying. so, just because Mr. A. is 'known' for building businesses and selling at peak, doesn't necessarily mean, we know the full story.

yes please ignore his usual business practices and assume financial problems based on nothing but your love for conspiracy and wish for karma.

144000 · Oct 14, 2012

ivy said:
if you have an asset that's worth billions than that shows that you aren't in financial trouble. Don't we always say the same thing about Michael and that he had a catalog that's worth than a billion dollars?

do you have any evidence that Anshultz have any debt ? any debt close or bigger than $10 billion?

The only thing that would show a financial trouble would be a debt MORE than the assets/ cash. There's nothing to suggest that.

we'll wait and see. 8 to 10 billion seems to be expected amount. We'll see how much he gets. Imagine that he gets that amount * 8 to 10 billion) would you ever acknowledge that perhaps there was no financial problems and he even made a profit?

yes please ignore his usual business practices and assume financial problems based on nothing but your love for conspiracy and wish for karma.

no, there wasn't always talk about Michael's assets. it was overexaggerate his supposed debt. yeah MJ had assets, but that was not the bulk of conversation..even in here. Ms. Mo's thread and positivity, the exception..you had to go in there to breathe fresh air. outside it, it was like a desert.

However you keep making a big deal out of the supposed asset of Mr. A. The reality is, people were clamoring for MJ's services, despite the evil talk about him, and people are stalling on Mr. A...like i said....A asked for something before and didn't get it.

As far as karma...in case you didn't know..the idea of people doing things and getting back what they put out, was here before i was born. has nothing to do with wishes. sorry to say..i'm a Michael fan. something was done to him. that won't go unchecked. and i'm not going to apologize for how i feel about Mr. A. and yet, that has nothing to do with Karma...or whatever word is used for it.

whatever you believe in, i would think that you wouldn't think that if you did something to somebody, and it wasn't nice..the favor wouldn't be returned to you, someway..somehow. even though some people don't learn in life...the idea is to keep people in check.
certainly i believe in that. that has nothing to do with wishes.
i know it keeps me in line. i don't want to do something that will come back to me.

WhoIsIt89 · Oct 14, 2012

AEG is a company right? Meaning there's other things under them that work for them, right? With no AEG these people no longer have jobs, correct? I don't blame a bunch of innocent people for one mans overworking of Michael just to line his pockets.

With that said, gotta love when people celebrate unemployment.

144000 · Oct 15, 2012

one more reason i don't have sugary feelings for Mr. A. When you do something that is wrong, you're not necessarily the only one affected. I certainly hope you're not suggesting what i think you're suggesting..that it's me who celebrates unemployment. the point is far from seen if that's the case.

ivy · Oct 15, 2012

Oh I believe in Karma but I don't think everyone agrees with responsibility especially for Mr.A - Anschutz

Did you ever pay attention to the names mentioned? The people blamed? The people sued?

It's Randy Phillips, Tim Leiweike and Paul Gongaware.

Although Mr.A (anschutz) is the owner of AEG Live he's not the one that's running it. He wasn't the one that had interactions with Michael. He wasn't the one working on the TII concert. He's the big boss that didn't have anything to do with this.

so even if we assume that Phillips, Leiweike and Gongaware had mistreated Michael and karma will make them pay, how is this is any relevant to Anschutz?

144000 · Oct 15, 2012

that's an argument that really tires me. whenever it's convenient, the owner's hands are clean..when it's not..the owner is responsible..depends on who is arguing. the fact is..the owner is the owner. he is responsible. responsibility is responsibility. nobody does anything without the go ahead of the ultimate boss. in all centuries that never changes. it doesn't change here. all the people you mentioned are definitely responsible..but the ultimate responsibility goes to the owner. he doesn't get where he is, not being able to lord over the whole thing. i'm not going to go back and forth on that utterly simple truth. people have taught kids to be responsible since the beginning of time..now..we're talking about usurping responsibility to full grown rich owner adults? i'll never get that...logic..

i gotta admit..i don't get why you seem to like to go back and forth with me like this..in both the threads..
Michael has been used and abused in so many ways..i'd like to think this is his time..
people all over this board are going after people who wronged Michael..not a problem. For me..i'm going at the ones i choose..but i feel like...you just want to argue with me.

the idea of absolving a guy in A's position of responsibility, truly feels like a gigantic reach. Nobody ever is absolved of being responsible in life.

ivy · Oct 15, 2012

144 said:
i gotta admit..i don't get why you seem to like to go back and forth with me like this..in both the threads...but i feel like...you just want to argue with me.

uhmm one this is a discussion board which means people will write their opinions. second of all let me remind you that YOU quoted my post which was in reply to Snow White loves Peter Pan - not you.

If you are so uncomfortable with me then why are you quoting my posts and replying to me when I wasn't even talking to you? Why are you engaging me in conversation by asking questions when I wasn't talking to you to start with? And if you quote my posts and start the conversation then please do not complain when I respond to you.

In other words if the kitchen is too hot for you don't enter, if you enter to the kitchen then don't complain.

I will continue to express my freedom of speech by commenting on any and all topics on this forum any time I want. No one has the ownership of a thread or a topic as this is a discussion forum and every topic is meant for discussion among a lot of people. I might address specific people by quoting them, I might reply in detail, in parts or not at all to post that are specifically addressed to me.

If anyone (you or anyone else) don't like my posts they have the option to not read them, not pay attention to them and not address them. I recommend that you exercise that option.

Also for the record difference of opinions is fine and most people can respect such. I don't want to argue with you. I have a different opinion than yours and I'm expressing it - whether you like it or not.

144000 · Oct 17, 2012

Snow White luvs Peter Pan said:
I sadly second your comment, there's much more injustice in this world than justice. :sigh:

when i think of who Paris thinks her father is(as many fought to take MJ's kids away from him), and who the sony catalogue belongs to,(there were fights to take that away from him) and all the things of the biggest fights that MJ had to fight...those are the ones he's won. Each one is worth way too many of what the other side got. the fate of frauds such as milli vanilli as far as music and such, proves that fraud never wins in the end..(as much as some don't want me to list them, if you look down in history, fraud never wins..the ending story of milli vanilli is consistent with that happening, regularly, so i believe that about cascios or whatever)and it won't on the music front, concerning Michael, either, considering what's spoken of in other threads. You buy the original and it outnumbers the fraud. All i can say is look for those great glimmers of light, and i hope you see, that lies sprint marathons are for truth. i wish i could go further to show that there is hope, in pm or something, but you don't have that, but if i could show you something that may help you stay with hope, it's worth such a thread as this. i think that maybe, deep inside, if you truly believe that frauds and liars and oppressors ultimately win, you would feel comfy being in their shoes. i dare say, you feel more comfy in the shoes of justice and truth, and that tells you that, indeed, ultimately, what a person puts out, does come back to them. Even with Michael not here, people cannot take from him what is his. To me, that's proof of justice. i understand how you may feel because of a lot of what we see, but it's my hope that what i mentioned helps you to possibly see, otherwise. but i won't say any more..i just hope you may see a little of what i mean from all this.

it's sorta like MJ and his brothers..it was as if foretold. wherever Michael was there was magic, musically..if his brothers were doing music without him, there was no magic there. Truth and justice stays with Michael, no matter what, ultimately. But believe me, even with everything i said, i certainly understand, more and more, everyday, why you feel the way you feel. It's quite insidious...the injustice.

Ashtanga · Oct 18, 2012

:fear:

AliCat · Oct 27, 2012

Philip Anschutz
Net Worth $7.6 B As of September 2012

Age: 72
Source of Wealth: investments, self-made
Residence: Denver, CO
Country of Citizenship: United States
Education: Bachelor of Arts / Science, University of Kansas
Marital Status: Married
Children: 3
Forbes Lists

#44 Forbes 400
#133 Forbes Billionaires
#47 in United States
Profile

Phil Anschutz has made fortunes in oil, railroads and telecom, but his biggest bets are in entertainment. Through Anschutz Entertainment Group, or AEG, he operates dozens of the world's greatest concert venues like the Staples Center and Nokia Theater in L.A., London's O2, and Shanghai's Mercedes-Benz Arena. He fills his halls with his own in-house entertainment, including the L.A. Lakers and NHL's L.A. Kings. His music division manages rock stars like Justin Bieber, Enrique Iglesias and Jennifer Lopez. His film division has produced the Chronicles of Narnia series. New deal: AEG partnered with Ryan Seacrest and Mark Cuban to rebrand HDNet as a new TV network called AXS. It will feature lots of live entertainment from AEG's venues. AXS is also the name of AEG's new no-fee ticketing venture to compete with Ticketmaster. For his next feat, Anschutz hopes to bring NFL football back to L.A., with plans to build a $1 billion stadium adjacent to the Staples Center. If only he can find a team to buy. He's got plenty of cash to make the deal, having sold oil and gas fields for $1 billion in 2010. Other passions: the art of the American West; his collection of Bierstadts, Remingtons and Russells (now on display in a new Denver museum) could be the world's best. Enjoys the western vistas too; his company Xanterra manages lodges in many national parks, and this year he bought the famed Broadmoor resort in Colorado Springs. On his own land in Wyoming, Anschutz is developing a wind farm that could boast 1,000 turbines.

http://landing.newsinc.com/forbes/video.html?freewheel=91218&sitesection=forbes&VID=23858948

Report: Larry Ellison Enters Billionaire Auction For Sports-Entertainment Empire

There are prized possessions, and then there are prized possessions for billionaires. The latter are slightly more expensive.

After collecting one trophy in his purchase of the entire Hawaiian island of Lanai for a rumored $500 million, Larry Ellison may be looking to make another big splash. A new Reuters report says that the Oracle founder and CEO is interested in buying fellow billionaire Philip Anschutz‘s AEG, a sports and entertainment empire that includes Los Angeles‘s Staples Center, the home of L.A.’s Lakers and Kings, parts of both teams, and a dozen other giant concert arenas around the globe.

Anschutz put the company up for sale last month. It’s expected to go for billions of dollars, and could even reach 11 figures. In addition to the properties it owns, AEG controls more than 100 other venues. The company, with its sprawling L.A. Live entertainment complex in downtown Los Angeles, also has the inside track on building a money-printing stadium that will house the city’s inevitable NFL team.

Phil Anschutz To Glean Billions In Sale Of Entertainment Group

Ellison certainly has the money to pull off such a massive deal, if he wants to. He is the third-richest man in the U.S., with an estimated net worth of $41 billion. And he hasn’t been frugal in his pursuits. Besides the island of Lanai, which he purchased back in June from another billionaire, David Murdock, Ellison has spent more than $100 million to win the prestigious America’s Cup sailing race. He collects planes and cars, and owned a 454-foot mega yacht before selling it for $300 million to David Geffen.

This move wouldn’t come out of the blue for Ellison. He has tried to get into the sports and entertainment business in the past, inquiring about the Memphis Grizzlies basketball team when it was up for sale earlier this year. And Ellison has kept his powder dry. He told CNBC earlier this month that the $4.2 billion in stock he pledged as collateral in a recent SEC filing was reserved “in case I go shopping and something catches my eye,” and joked that the Lakers could be a target.

But Ellison has other billionaires to compete with if he gets serious about AEG. Patrick Soon-Shiong, L.A.’s richest man worth an estimated $7.3 billion, has mentioned his interest publicly. A biotech entrepreneur who graduated from high school at 16 and medical school at 23, Soon-Shiong built his fortune with pharmaceutical companies that developed anti-cancer drugs. He represents a formidable adversary for Ellison. Large institutional players may also be interested, from major private equity players like Bain Capital to investment firms like Guggenheim Partners, which ponied up $2 billion for the Los Angeles Dodgers earlier this year.

With players like that at the table, the AEG auction will certainly get expensive quickly.
http://www.forbes.com/sites/brianso...aire-auction-for-sports-entertainment-empire/

christy · Oct 27, 2012

AliCat;3729583 said:
http://landing.newsinc.com/forbes/video.html?freewheel=91218&sitesection=forbes&VID=23858948

Report: Larry Ellison Enters Billionaire Auction For Sports-Entertainment Empire

There are prized possessions, and then there are prized possessions for billionaires. The latter are slightly more expensive.

After collecting one trophy in his purchase of the entire Hawaiian island of Lanai for a rumored $500 million, Larry Ellison may be looking to make another big splash. A new Reuters report says that the Oracle founder and CEO is interested in buying fellow billionaire Philip Anschutz‘s AEG, a sports and entertainment empire that includes Los Angeles‘s Staples Center, the home of L.A.’s Lakers and Kings, parts of both teams, and a dozen other giant concert arenas around the globe.

Anschutz put the company up for sale last month. It’s expected to go for billions of dollars, and could even reach 11 figures. In addition to the properties it owns, AEG controls more than 100 other venues. The company, with its sprawling L.A. Live entertainment complex in downtown Los Angeles, also has the inside track on building a money-printing stadium that will house the city’s inevitable NFL team.

Phil Anschutz To Glean Billions In Sale Of Entertainment Group

Ellison certainly has the money to pull off such a massive deal, if he wants to. He is the third-richest man in the U.S., with an estimated net worth of $41 billion. And he hasn’t been frugal in his pursuits. Besides the island of Lanai, which he purchased back in June from another billionaire, David Murdock, Ellison has spent more than $100 million to win the prestigious America’s Cup sailing race. He collects planes and cars, and owned a 454-foot mega yacht before selling it for $300 million to David Geffen.

This move wouldn’t come out of the blue for Ellison. He has tried to get into the sports and entertainment business in the past, inquiring about the Memphis Grizzlies basketball team when it was up for sale earlier this year. And Ellison has kept his powder dry. He told CNBC earlier this month that the $4.2 billion in stock he pledged as collateral in a recent SEC filing was reserved “in case I go shopping and something catches my eye,” and joked that the Lakers could be a target.

But Ellison has other billionaires to compete with if he gets serious about AEG. Patrick Soon-Shiong, L.A.’s richest man worth an estimated $7.3 billion, has mentioned his interest publicly. A biotech entrepreneur who graduated from high school at 16 and medical school at 23, Soon-Shiong built his fortune with pharmaceutical companies that developed anti-cancer drugs. He represents a formidable adversary for Ellison. Large institutional players may also be interested, from major private equity players like Bain Capital to investment firms like Guggenheim Partners, which ponied up $2 billion for the Los Angeles Dodgers earlier this year.

With players like that at the table, the AEG auction will certainly get expensive quickly.
http://www.forbes.com/sites/brianso...aire-auction-for-sports-entertainment-empire/

And AEG's asking for 10 Billion .....

myosotis · Mar 11, 2013

AEG Bidding Tightens

Anschutz Entertainment Group is in the process of winnowing down a short list of bidders to acquire the company, and generating a lot of tinfoil-hat variety speculation in the meantime.

The only thing about the sale that doesn’t seem subject to debate is that the bidding process should be concluded in March. But even “insiders” – depending on the publication – seem unable to leak consistent information about who’s still in the bidding, whether the company will survive intact or even whether Phil Anschutz’s target price will be met.

Guggenheim Partners is out and Colony Capital is in, according to Bloomberg. Guggenheim Partners is in, according to Variety. And both are in, according to Reuters.

Guggenheim, which last year purchased the Los Angeles Dodgers for roughly $2 billion, was considered a front-runner.

That characterization is in question, with reports the private equity firm has decided to take a pass. Colony Capital seems the betting favorite at press time, with pharma billionaire Patrick Soon-Shiong believed to also be in the running in the second round of bidding.

A Colony winning bid could provide a bit of irony, as Michael Jackson’s Neverland Ranch is among the company’s real estate pickups. AEG is accused by Jackson's mother and children of negligence in the hiring of Conrad Murray as MJ’s personal physician before his 2009 death. Colony is also a part owner of Miramax film company and its library.

When the sale was first made public, a floor for bidding was floated at around $10 billion. After all, that’s a lot of real estate and sports teams. In addition to arenas and entertainment centers like Staples Center and L.A. Live, AEG owns soccer-specific stadiums as well as interest in pro teams including the NBA’s Lakers and NHL’s Kings. It also owns cycling’s Amgen Tour of California.

And, according to AEG, the buyer would have to agree to buy the full platform, lock stock and barrel, as well as agree to keep the executive team, including president/CEO Tim Leiweke, in place.
With reports that bids are coming in at below the preferred sale price, speculation is heating up that Anschutz may have no choice but to hive off units if he expects to make that $10 billion nut.

And if one entity steps up with the cash for the whole kit and caboodle, it will be buying at a price that sources tell the Wall Street Journal is well beyond the company’s earnings.

It’s hard, if not impossible, to verify that tidbit as AEG is notoriously tightly held, and Anschutz is famous for playing close to the vest in his business dealings. But sources who say they have reviewed the company’s financials told the WSJ that EBITDA stands at about $350 million for the most recent year – suggesting a value of less than $5 billion.

The AEG sale, brokered by Blackstone Group, is said to still be on track but if the bids just don’t meet expectations – and Anschutz sticks to his guns about not breaking up the company – could yet be taken off the table.

http://www.pollstar.com/news_article.aspx?ID=804410

Mar 1, 2013, 8:47am PST
Lead bidder emerges for AEG
L.A. Biz
The owner of Michael Jackson's former estate has emerged as the lead bidder for Anschutz Entertainment Group, Bloomberg reports.

Colony Capital LLC, which has teamed with Qatar's sovereign wealth fund in its pursuit of Denver billionaire Philip Anschutz's concert and arenas business, are bidding below the $8 billion asking price, Bloomberg reported, citing unnamed people. A spokesman for Anschutz declined to comment on who's bidding.

Negotiations to sell Anschutz Entertainment Group have been put on hold as Anschutz recovers from back surgery. Bloomberg estimates Anschutz is worth $10 billion.

http://www.bizjournals.com/losangel...emerges-for-aeg.html?ana=RSS&s=article_search

Reports: Front-runner emerges for AEG as others begin bowing outBy Mark Lacter | March 1, 2013 8:07 AM

Santa Monica.-based investment firm Colony Capital, which is headed by billionaire Tom Barrack, appears willing to pay more than the other bidders, Bloomberg reports, but its offer for Anschutz Entertainment Group is said to be below the $8 billion or so asking price (the AEG people initially had been looking for $10 billion). The company, which includes a mix of sports and entertainment properties (Kings, Galaxy, part of the Lakers, Staples Center and numerous concert venues around the world), is proving to be a tough sell. Guggenheim Partners, which owns the Dodgers, has either dropped out or is about to (depending on which reports you believe), and L.A. billion Patrick Soon-Shiong, who is leading a group that includes Steven Mnuchin, chairman of Pasadena-based OneWest Bank, is unlikely to make an offer that's close to $8 billion. With possible resistance to the price (and keep in mind that the information is spotty), it's always possible that another group might leapfrog over everyone else. On the other hand, billionaire Philip Anschutz might be faced with either accepting a much lower bid or pulling the company off the market. AEG wanted to have a deal by the end of March. From the WSJ:

Any buyer who steps up for AEG at the price the sports and entertainment conglomerate is seeking likely won't be doing it for the current earnings. For the most recent year, AEG's earnings before interest, taxes, depreciation and amortization stand at about $350 million, according to people who have reviewed the closely held company's numbers. In comparable transactions, earnings in that range would suggest a value of under $5 billion. But deal makers at Blackstone Group who are handling the sale set a goal of selling AEG for $7 billion to $11 billion, according to people involved in the process.

http://www.laobserved.com/biz/2013/03/reports_front-runner.php

Petrarose · Mar 14, 2013

They will need an article that has the true bidding picture. Right now it seems there is a lot of speculation, since Phillip is keeping his business close to his chest. I like people like that.

I was wondering if Randy found a job yet, but it seems that Phillip wants the new owner to keep the executives, so maybe Randy does not have to go.

144000 · Mar 14, 2013

[url]http://www.latimes.com/sports/sportsnow/la-sp-sn-aeg-nfl-in-la-20130314,0,1108359.storySports Now[/URL]
SPORTS NEWS FROM LOS ANGELES AND BEYOND

ANALYSIS
[h=1]AEG non-sale is bad news for Farmers Field and NFL in L.A.[/h]

Comments

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A rendition of Farmers Field. (Los Angeles Times / March 14, 2013)

Your take?

Will the NFL ever return to L.A.?
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By Sam FarmerMarch 14, 2013, 12:12 p.m.

Like so many NFL stadium proposals in Southern California over the past two decades, Farmers Field too is history.
With Philip Anschutz hanging on to AEG, and Tim Leiweke leaving, a downtown stadium isn’t going to happen any time in the near future.
AEG: A look back
It was Leiweke who sold the concept, and he had to drag his boss along for the ride. The deal terms that Anschutz proposed were never appealing to the NFL or individual teams, and if history is a guide, Anschutz won’t be budging this time.
Anschutz felt burned by the league in 2002 when AEG proposed a stadium in South Park, on the other side of Staples Center, but pulled out quickly when the L.A. Coliseum jumped back into the competition. The NFL never discouraged any site from submitting a bid.
This time, with AEG up for sale, the flickering hope in NFL circles was that maybe whoever would buy the company would be willing to do a league-friendly deal. No such luck.
Farmers Field had been in a vegetative state since the AEG sale was announced, with everyone waiting for resolution on the ownership front.
But Anschutz is staying, and so -- almost certainly -- are his deal terms.
Photo gallery: AEG properties in Southern California
With the San Diego Chargers, for instance, Anschutz wanted 49% of the team for half-price -- $5 million per percentage point -- with a right of first refusal if Chargers owner Dean Spanos decided to sell his controlling interest in the team.
What's more, Anschutz wanted to use an arrangement similar to the one the Lakers have at Staples Center, in which the team is the tenant and AEG controls all the marketing, suite sales, etc.
The NFL calls that "asset stripping," and Anschutz (Leiweke, really) couldn't find a team that was interested in that. Teams don't want a middle man dealing with their premium customers; that’s one of the many benefits of owning an NFL team.
Anschutz has made billions of dollars buying low and selling high. The NFL doesn't sell low.
ALSO
AEG sale halted, Anschutz to maintain control
Photos: AEG properties in Southern California
AEG executive Tim Leiweke leaving post after sale halted

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144000 · Mar 14, 2013

Mr. A. won't admit he fired Tim L.
nor will he admit nobody wanted to buy his property at the price he was asking.
Of course he'll say he's taking a more active role.
Anyway, the NFL doesn't seem to be too impressed by him.

Michael couldn't run away fast enough from people wanting to do business with him.
Lucrative or non lucrative is hard to hide.
There are a lot of people who are good at real estate, but that doesn't mean they're good at other things.
I live in a neigborhood, that has been changed for the better by AEG, but that's just a real estate thing.

myosotis · Mar 14, 2013

Anschutz says sports company no longer for sale

Posted: Mar 14, 2013 5:44 PM
Updated: Mar 14, 2013 7:44 PM
By GREG RISLING
Associated Press
LOS ANGELES (AP) - AEG, the company that owns the NHL's Los Angeles Kings and the Staples Center, is no longer for sale, its billionaire owner Philip Anschutz said Thursday.

The announcement came amid efforts by the company to build a downtown stadium to lure an NFL team back to Los Angeles.

Anschutz said in a statement that he had made it clear that he wouldn't sell the AEG sports and entertainment company unless the right buyer came forward.

"They wanted more than what people were willing to pay," said Paul Swangard, managing director of the Warsaw Sports Marketing Center at University of Oregon. "I just feel as though there's still differences of opinion about how valuable AEG is."

It wasn't clear how far along the company had been in the sale process or how the move might affect its plans to build the proposed 72,000-seat Farmer's Field football stadium.

Anschutz said he will resume a more active role in AEG. Tim Leiweke, who has served as president and CEO and been the face of the company for more than 15 years, is leaving, Anschutz said.

The sale of the sports and entertainment company had been expected to fetch billions of dollars.

The Los Angeles Times reported that interested buyers included Mark Cuban, owner of the NBA's Dallas Mavericks, billionaire Patrick Soon-Shiong, and Guggenheim Partners, which recently led a consortium that bought the Los Angeles Dodgers.

Last week, Mayor Antonio Villaraigosa said in a television interview that Anschutz had to find a buyer for AEG first before moving forward with what he termed as "uphill climb" involving the stadium effort.

Villaraigosa stressed, however, that he believes the NFL would return to Los Angeles. The city has been without an NFL team since the Rams moved to St. Louis and the Raiders departed for Oakland in 1995.

NFL spokesman Brian McCarthy said the league will continue to monitor the developments with the stadium proposal and "remain interested in multiple sites in the Los Angeles area."

An email message left for AEG spokesman Michael Roth was not immediately returned.

Swangard said Anschutz's decision to retain AEG will likely help the process to build a new football stadium.

"It creates certainty for the LA (football) project," he said. "If they weren't getting the price they wanted, and at the same time were getting pushback on their next big deal, this approach makes all the sense in the world."

AEG transformed the Los Angeles landscape with the opening of Staples Center in 1999. Its later addition of the LA Live entertainment complex helped revitalize the city's long-neglected downtown.

The company's holdings also include the Los Angeles Galaxy, part-ownership of the NBA's Los Angeles Lakers, and major entertainment and real estate holdings in Los Angeles.

http://www.myfoxdfw.com/story/21642908/anschutz-aeg-no-longer-for-sale

Anschutz says terminates AEG sale, president departs
Credit: Reuters/Fred Prouser
By Ronald Grover and Soyoung Kim

Thu Mar 14, 2013 4:41pm EDT

(Reuters) - U.S. billionaire Phil Anschutz has decided to scrap the sale of his Anschutz Entertainment Group and will retain ownership of the sports and entertainment empire, the company said on Thursday.

As part of the decision, Dan Beckerman will become president and chief executive officer of AEG, replacing Tim Leiweke, who has been at the helm since 1996 and is leaving the company. Leiweke's departure in particular was a shock to Los Angeles, where he had been the driving force in AEG's efforts to reshape the city's downtown area.

"From the beginning of the sales process, we have made it clear to our employees and partners throughout the world that unless the right buyer came forward with a transaction on acceptable terms were would not sell the company," Anschutz, AEG's chairman and chief executive, said in a statement.

AEG put the company up for sale on September 19. It had been seeking at least $8 billion for the business, whose assets include 120-owned or operated arenas around the world, the Los Angeles Kings professional hockey team, a stake in the Los Angeles Lakers basketball team, and a concert business.

Colony Capital LLC, Guggenheim Partners LLC and Los Angeles biotech billionaire Patrick Soon-Shiong made second-round bids in February for the company, people familiar with the deal process told Reuters.

The bidders submitted non-binding offers of under $7 billion for AEG's assets, those people said. Colony Capital bid along with Qatar's sovereign wealth fund.

The bidders and AEG were more than $1 billion apart on price at that time, according to one of the people.

Sources have previously described AEG as profitable, with about $350 million a year in earnings before interest, taxes, depreciation and amortization.

LEIWEKE'S EXIT

While there had been reports for some time that the sale might be troubled over valuation issues, many in the media were stunned by Leiweke's exit.

LAObserved, the well-regarded Los Angeles news website, says Leiweke's exit was "the real shocker" in the AEG news.

He was the public face of the company's $1.2 billion plan to lure a National Football League franchise to the nation's second-most populous city after nearly two decades without a professional American football team.

Beckerman said the company intended to go forward with the plan to build the stadium, to be named Farmers Field, and to bring a football team to Los Angeles. The company would also continue plans to build an arena in Las Vegas with casino operator MGM Resorts International (MGM.N).

"We appreciate the role Tim has played in the development of AEG, and thank him for the many contributions he has made to the company," Anschutz said in a statement. "We wish him well in his new endeavors."

Leiweke's influence extended beyond the sports business, though because of AEG's size and scope. Last month, the music trade magazine Billboard ranked him as one of the 10 most powerful people in the music industry

http://www.reuters.com/article/2013/03/14/us-aeg-sale-idUSBRE92D11620130314

Petrarose · Mar 15, 2013

So where is Leiweke going to now, and I guess Randy is still on the team?

AEG is for sale, and why I think it's Karma for its owner for his maltreatment of Michael Jackson

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