O2 owner AEG in running to buy HMV Live for £65m

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The Independent Online

The owner of the O2 arena in London's Docklands is bidding to acquire the live music business of HMV, the struggling entertainment group, for about £65m.

AEG, the music and sporting company controlled by Philip Anschutz, one of America's richest men, is among a handful of suitors through to the second round of bids for HMV Live due next month.

HMV put its live business, of 13 music venues and five festivals, up for sale in December to help reduce its debts of up to £180m.

AEG, which acquired the Millennium Dome in 2005, Academy Music Group, the venue operator, and Oakley Capital, the private equity firm behind Time Out magazine, were among suitors that submitted first-round bids for HMV Live by 2 March. It is unclear if Academy Music and Oakley Capital are through to the second round. All parties declined to comment.