What is behind this mega deal? Billionaire Philip Anschutz announced Tuesday that his AEG empire is on the market. Anschutz owns and manages a large number of sports and entertainment properties, including the L.A. Live complex (The Staples Center), the L.A. Galaxy professional soccer team, and a worldwide concert-promotion business. While AEG also has a share in the L.A. Lakers, the company has been in negotiations to build a football stadium in downtown L.A. Plans to recruit a professional team from another city are still expected to continue.
This would be the second blockbuster sale in Southern California since Guggenheim Baseball Management purchased the Los Angeles Dodgers baseball team for a whopping $2-billion. Most likely, the AEG sale price will beat out that number. So, with all of his revenue and power, why would Anschutz sell his kingdom?