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AEG taken off the market as CEO departs

By | Published on Thursday 14 March 2013

AEG

Entertainment firm Anschutz Entertainment Group – which includes venue real estate, various sporting interests and the AEG Live tour and festivals business – has been taken off the market after the company failed to find a satisfactory bidder, it announced today. The announcement also came with the surprise news that President and CEO Tim Leiweke is to leave, to be replaced by CFO Dan Beckerman.

In a statement, AEG Chairman Philip Anschutz, who is to take a more active role in the company again, said: “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 … 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. 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”.

On Leiweke’s departure, he added: “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 endeavours”.

Meanwhile, Beckerman said: “Phil’s active reengagement in the operations of the company has brought a renewed spirit and passion to the management team’s focus on AEG’s next steps”.

As previously reported, last month it was reported that bids for AEG had come in well below the asking price, thought to have been up to $10 billion.



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