AEG No Longer For Sale, Owner Says
Sports and entertainment company AEG - one of the dominant players in the development of downtown Los Angeles - is no longer for sale, according to owner Philip Anschutz.
In a statement released Thursday, Anschutz said the entertainment behemoth would only be sold to the right company.
Now that the company is off the market, Anschutz said he will become more involved in the company's operations.
Other changes are in store for the company, which owns the Los Angeles Kings, the Staples Center and L.A. Live and is part of the effort to bring an NFL team to downtown L.A.
Current president and CEO Tim Leiweke is leaving, with current CFO and COO Dan Beckerman assuming the top post, according to Anschutz's statement.
"The company's operations will continue to be run by AEG's experienced senior executive team, most of whom have been with AEG for over a decade,'' said Anschutz.
"We will continue to set the standards in the industries in which AEG operates, bringing our unique vision and development model to entertainment locations throughout the world.''
The sale of AEG was announced in September, and the company, which also owns the L.A. Galaxy and has partial ownership of the Lakers, was estimated to cost billions of dollars. Rumored potential buyers included billionaire doctor Patrick Soon-Shiong and Dallas Mavericks owner Mark Cuban.
