Anschutz Entertainment Group (AEG) is being sold by its parent company The Anschutz Company.
Cannon Y. Harvey, Anschutz Company president said in a statement: "Given the success of the management team and employees in establishing AEG as one of the premier real estate development, live sports and entertainment platforms in the world, as well as the value AEG has created with the strategic assets that comprise its platform, this is an appropriate time to transition AEG to a new qualified owner.
"This process represents a unique opportunity to maximize value for all concerned and will allow us to assure that, like the Anschutz Company, the new owner will have the financial resources, commitment and vision to support AEG's management team as it continues to grow the businesses of AEG and the power of its brands.
“The Anschutz Company has the highest confidence in AEG's potential and its management, and will only undertake a transaction that reflects this confidence."
While numbers haven't been officially confirmed, Billboard sources say that Philip Anschutz has privately put a $7 billion price tag on AEG which covers assets including over 100 venues (including the O2 Arena, London) across the globe, AEG Live concert promotions division (which counts Coachella amongst its works) and sports franchises.
Tim Leiweke, president/CEO of AEG, commented: "AEG is a proven innovator in real estate, sports and live entertainment, and is at the forefront of shaping the dynamics of these industries. Live entertainment is the economic driver of the music industry, and fan participation and experience are the cornerstones of professional sports - our platform regularly brings fans, sponsors and world-class talent together to create unparalleled opportunities in both segments.
"AEG's model drives significant value and growth across all of our assets by enhancing the overall experience for audiences, artists and teams, as well as bringing tangible benefits to our partners, ranging from sponsors to municipalities, across the globe.
"With the AEG platform, we are able to successfully undertake transformational projects that revolutionize markets by creating true entertainment destinations for consumers, while positively regenerating neighborhoods through projects such as L.A. Live in Los Angeles and the O2 in London."