Breaking: AEG sale halted; Anschutz to retain control

Billionaire Philip Anschutz said Thursday he has decided not to sell AEG, the entertainment giant that controls the Staples Center, LA Live and the Los Angeles Kings.

Anschutz said he plans to resume a more active role in the company. He announced in September that he was seeking bidders in a sale that some insiders said could fetch $7 billion.

AEG: A look back

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.

PHOTOS: AEG properties in Southern California

The decision to not sell AEG could further muddle attempts to lure a professional football team to Los Angeles and build a stadium downtown.


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  • AEG chief executive Tim Leiweke leaving post after sale halted

    AEG chief executive Tim Leiweke leaving post after sale halted

    Billionaire Philip Anschutz will be taking a more active role at his sports and entertainment powerhouse AEG without his longtime chief executive, Tim Leiweke.

  • AEG properties in Southern California

    AEG properties in Southern California

    The Anschutz Co., run by Denver billionaire Philip Anschutz, has called off the sale of its AEG subsidiary, a sports and entertainment conglomerate that owns several sports and entertainment properties including Staples Center and the Los Angeles Kings. The following photos show some of the AEG...