AEG Sale Off, CEO Leiweke To Exit

Billionaire owner Philip Anschutz has announced that he is retaining ownership of AEG and terminating the sales process for the company immediately. "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, Chairman and CEO of the Anschutz Company.

In a statement, Mr. Anschutz said that he will resume a more active role in the company, with a particular focus on the AEG’s world-wide strategy and operations.

Mr. Anschutz also said that Tim Leiweke, who has served as President and Chief Executive Officer of AEG since 1996, will be leaving the Company by mutual agreement. “We appreciate the role Tim has played in the development of AEG, and thank him for the many contributions he has made to the Company. We wish him well in his new endeavors,” said Mr. Anschutz.

In Mr. Leiweke's place, Dan Beckerman will assume the role of President/CEO at AEG. Mr. Beckerman has been with the firm for 15 years, previously serving as Chief Financial Officer and Chief Operating Officer. Other changes in the executive suite include Ted Fikre, who will take the role of Vice Chairman of the company in addition to his current duties as chief legal and development officer.

Jay Marciano, currently President and Chief Executive Officer of AEG Europe will be moving from London to Los Angeles to take over as Chief Operating Officer at the company.

AEG had been on the auction block since September, 2012, in a sale that was being overseen by Blackstone Advisory Partners.

Mr. Anschutz had reportedly been seeking a sale price of as much as $10 billion, which most analysts views as an overvaluation of the company's assets, which include the Los Angeles Galaxy, part-ownership of the NBA's Los Angeles Lakers, as well as major entertainment and real estate holdings in Los Angeles and other cities.

Bidders for the company included Guggenheim Partners, the investment firm that owns the Los Angeles Dodgers; Colony Capital, a private equity company focused on real estate and bio-tech billionaire Patrick Soon-Shiong. - via CelebrityAccess