Auction For Concert & Entertainment Giant AEG Starts At $10 Billion

Phil Anschutz has opened bidding for AEG Live and is reportedly
expecting bids for the company to be in the range of $10 billion. According to Reuters, AEG has sent out their initial 25-page memorandum
that describes the business but does not include specific financial
information to dozens of potential buyers.

A source close to the matter
told Reuters that a range of bids are expected from rich individuals,
rivals, sovereign wealth funds, real estate firms, and private equity
firms.

The list of potential bidders includes John Malone's Liberty Media,
Guggenheim Partners, Thomas H. Lee Partners LP, Bain Capital LLC and
Colony Capital LLC. Individuals such as biotech billionaire Patrick
Soon-Shiong have also been reported to be potential bidders.

Reuters sources also said that Anschutz intends to keep AEG intact
through the sale process because he believes that the company is more
valuable as a whole than broken down into individual units. AEG Live
includes about 25,000 employees and 100 venues in cities around the
globe, including the The Staples Center and L.A. Live in Los Angeles,
the O2 Arena in London and the newly-opened Barclays Center in New York.
– via CelebrityAccess