AEG No Longer For Sale; CEO Exits
LOS ANGELES (CBSLA.com) — Anschutz Entertainment Group is no longer on the market.
Billionaire Philip Anschutz, chairman of AEG, which owns STAPLES Center, L.A. Live and the Los Angeles Kings, announced Thursday that plans to sell AEG have been halted. Anschutz also signaled taking on a more active role in the entertainment and sports empire.
KNX 1070’s Frank Mottek reports efforts to sell AEG – which has been valued at over $8 billion – were first announced last September after the firm successfully convinced Mayor Antonio Villaraigosa and City Council members to back plans for a new stadium.
Despite several interested bidders, including L.A. billionaire Patrick Soon-Shiong and Dallas Mavericks owner Mark Cuban, Anschutz said he wouldn’t sell the company unless the right buyer came forward, the Associated Press reported.
AEG’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.
But hopes of luring an NFL team to the city began to fade earlier in March after reports surfaced that Farmers Field, AEG’s proposed football stadium in downtown L.A., was “essentially dead to the NFL.”
It was unclear what impact, if any, the decision would have on the Kings and other AEG assets.
The company also announced Tim Leiweke, who has served as president and CEO of the company since 1996, will be leaving AEG, and will be replaced by Dan Beckerman, the company’s chief financial officer and chief operating officer.
“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. “We wish him well in his new endeavors.”
(©2013 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)