×
You will be redirected back to your article in seconds

Anschutz Company to seek sale of AEG

Subsidiary includes Staples Center, Nokia Theater, Coachella fest

Putting the nation’s largest sports owner and the world’s second-largest concert promoter up on the block, the Anschutz Company announced it will entertain bids for its Anschutz Entertainment Group (AEG) subsidiary.

The prospective sale was announced in a press release late on Tuesday night. Blackstone Advisory Partners, which recently managed the L.A. Dodgers auction, will serve as financial advisor on the sale. In a statement, Anschutz president Cannon Y. Harvey noted that the sale would be conducted “in a manner that avoids disruption of the day-to-day operations of AEG and its constituencies.”

AEG has assets which could potentially fetch billions in a sale, including real estate holdings and its concert division AEG Live, which is second only to behemoth Live Nation Entertainment. It controls such venues as Los Angeles’ Staples Center and Nokia Theater and London’s O2 Arena, as well as pro sports teams such as NHL’s reigning champion L.A. Kings and MLS’ L.A. Galaxy. AEG recently proposed plans to build a football stadium in Downtown L.A.

AEG Live owns promoter Goldenvoice, whose annual Coachella Valley Music and Arts Festival is the nation’s most lucrative annual concert event. It has also been responsible for film projects such as the Michael Jackson docu “This Is It” and “Justin Bieber: Never Say Never.”

In addition to its sports, concert and real estate holdings, AEG also maintains a merch division, AEG Merchandising, AEG Global Partnerships and ticketing and e-commerce platform AXS.com. In partnership with C3 Presents, AEG recently purchased leading independent ticketing agency Front Gate Tickets.

Anschutz, the company owned by Philip Anschutz which also controls the nation’s largest exhib, Regal Entertainment, and “Chronicles of Narnia” producers Walden Media, flirted with a partial sale of AEG before in 2008, when Ticketmaster nearly bought 49% of the company for $400 million.

More Film

  • Loureiro’s Abano, Aragón’s Caribe Music Team

    Chelo Loureiro, Emilio Aragón Team on Animated ‘Valentina’ (EXCLUSIVE)

    CANNES – Spanish producer-turned director Chelo Loureiro of Galicia’s Ábano Producións has teamed with Spanish multi-hyphenate Emilio Aragón at Caribe Music to produce the upcoming animated feature “Valentina.” Valentina turns on a girl who is tired of having Down syndrome, and believes it to be the reason she’ll never be a trapeze artist. But Valentina’s [...]

  • Morelia Brings Four Shorts To Cannes

    Morelia’s Daniela Michel Presents Four Standout Mexican Shorts at Critics' Week

    Since 2005, the Cannes Film Festival Critics’ Week and Mexico’s Morelia Intl. Film Festival (FICM) have enjoyed a reciprocal relationship. Each year, a selection of short competition films from Morelia is shown in a special selection at Critics’ Week, with the features from the Cannes section screening five months later in Morelia. The short film [...]

  • Fedor Bondarchuk Drops Teaser for ‘Attraction

    Fedor Bondarchuk Drops Teaser for ‘Attraction 2’ (EXCLUSIVE)

    CANNES–Russian director Fedor Bondarchuk and his Art Pictures Studio have released the English-subbed teaser to “Attraction 2,” the sequel to Bondarchuk’s 2017 sci-fi blockbuster, which Variety has acquired exclusively. The director behind record-breaking Russian films such as World War II epic “Stalingrad” was in Cannes this week, where he presented footage from Art Pictures’ slate of upcoming [...]

  • Gkids Takes North American Rights for

    Gkids Takes North American Rights for ‘Weathering With You’

    CANNES–Gkids, the U.S. distributor of 11 best animated feature Oscar nominees, has acquired North American rights for “Weathering With You,” the new film from director Makoto Shinkai and producer Genki Kawamura. Gkids has set an awards-qualifying run for 2019 with a theatrical release in early 2020, in both the original Japanese and a new English-language [...]

  • Transilvania Film Fest Launches New SVOD

    Transilvania Film Fest Launches New SVOD Platform

    CANNES–The Transilvania Intl. Film Festival has announced a new SVOD service, TIFF Unlimited, which will launch during the festival’s 18th edition, which bows May 31 in Cluj, Romania. The service will curate titles from current and previous editions of the festival, while also showcasing other hand-picked auteur-driven productions, presented in partnership with local distributors. It [...]

More From Our Brands

Access exclusive content