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Friday March 15, 2013 07:45

Entertainment giant AEG gets new boss

Posted by admin

Los Angeles (dpa) – Entertainment and sports giant Anschutz Entertainment Group has taken itself off the market and appointed a new chief executive, the company announced Thursday.

The conglomerate, which owns venues such as the Los Angeles Staples Centre and London’s 02 Arena, had been on the auction block for 8 billion to 10 billion dollars.

It owns the Los Angeles Galaxy, football superstar David Beckham’s former team, concert promotion giant AEG Live, and stakes in sports teams such as the NBA’s Los Angeles Lakers.

”The Anschutz Company announced today that it will retain ownership of Anschutz Entertainment Group Inc and terminate the sales process for AEG,” the company said in a press release.

The company said owner Philip Anschutz, as chairman of AEG, will resume a more active role in the company, while Dan Beckerman will assume the position of president and chief executive.

”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,” 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.”

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