The auction of the Anschutz Entertainment Group (AEG) has begun with owner Philip Anschutz expecting bids to be in the range of $10 billion - much more than originally estimated, Reuters reports.
It was announced last month that AEG was to be sold by its parent, The Anschutz Company, with a statement claiming “[The selling] 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.” At the time, the company was estimated to draw bids of around $7billion.
An information memo on the company was reportedly sent to potential investors earlier this week. Anschutz is expected to distribute further information by the end of the month with the addition of financial details, which were not present in the initial memo, subject to the signing of non-disclosure agreements.
Interested parties are said to include a mixture of individuals and various organisations such as Liberty Media Corp, Guggenheim Partners LLC, Thomas H. Lee Partners LP, Bain Capital LLC and Colony Capital LLC and Patrick Soon-Shiong.
The entertainment group’s assets include over 100 global entertainment venues (including the O2 Arena, London) across the globe, AEG Live concert promotions division (which counts Coachella amongst its works) and sports franchises.