AEG up for sale

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AEG up for sale

Post by Mordy » Wed Sep 19, 2012 10:03 pm

Probably not the right place to post this, but interesting to note in tonight's London Evening Standard that AEG is up for sale.

The American concert venue giant that runs the O2 Arena in Greenwich and owns a stake in David Beckham’s football team LA Galaxy is up for sale.

Anschutz Entertainment Group, owned by mogul Philip Anschutz, 72, also owns AEG Live, the world’s second biggest concert ticket and live music company after Live Nation.

Anschutz’s holding firm, Anschutz Company, said it was “an appropriate time” to sell as it sought to “maximise value for all concerned”, suggesting the group faces a break-up.

Corporate adviser Blackstone is working on the sale, with speculation that AEG’s assets could fetch as much as $7 billion (£4.25 billion).

The O2 Arena has become a jewel in AEG’s empire after the group turned the former Millennium Dome into the world’s most successful entertainment venue.

There was controversy when the Government sold the Dome, which cost taxpayers £850 million to build at the time of the 2000 Millennium celebrations, for a nominal sum — reportedly £1 — to an American-led consortium.

But AEG invested a significant sum to turn it into a 20,000-seater arena and shopping complex. Mobile network O2 pays about £6 million a year for naming rights to the site — dropped during the Olympics.
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