AEG no longer on the market

In a surprise move, Billionaire Philip Anschutz  has decided not to sell AEG, the entertainment giant that controls the Staples Center, LA Live, the Stub Hub Center, minority ownership of the Lakers and a stake in the Los Angeles Kings.

Anschutz has said he plans to become more hands on with the company which also coincides with Tim Leiweke, who has served as President and Chief Executive Officer of AEG since 1996, departing the Company. AEG was announced it was seeking bidders last September. Some believe the sale would’ve been in the $7 billion range.

Potential bidders for the company were said to be Los Angeles billionaire Patrick Soon-Shiong, and well-known names such as Mark Cuban and powerhouse Santa Monica investment firm Colony Capital. Guggenheim Partners, which recently led a consortium that bought the Los Angeles Dodgers, was also said to be interested in acquiring AEG.

“From the very beginning of the sales process, we have made it clear to our employees and partners throughout the world that unless the right buyer came forward with a transaction on acceptable terms we would not sell the company,” Anschutz said in a statement.

Of course this brings back the issue of a potential stadium deal with the NFL. One of the teams whose name has been tossed around, the former Los Angeles Rams, are owned by Stan Kroenke who happens to have a great relationship with Anschutz.