Anschutz to hold on to empire
Friday 15 March 2013
The US billionaire Phil Anschutz has decided to hold on to Anschutz Entertainment Group after bids for the sports and entertainment empire failed to reach the hoped-for $8bn (£5bn) target price.
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.
AEG put the company up for sale on 19 September. It had been seeking at least $8bn for the business, whose assets include 120 owned or operated arenas around the world, including the O2 in London's Docklands, as well as the Los Angeles Kings professional hockey team, a stake in the Los Angeles Lakers basketball team, and a concert business.
Colony Capital and Qatar's sovereign wealth fund, Guggenheim Partners and the Los Angeles biotech billionaire Patrick Soon-Shiong are believed to have made second-round bids in February, but the offers are understood to have been less than $7bn. The bidders and AEG were more than $1bn apart on price at that time, sources close to the deal told Reuters.
Justin Bieber was one of the hardest hit
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...