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LA billionaire interested in AEG

By | Published on Wednesday 26 September 2012

AEG Live

According to Reuters, Patrick Soon-Shiong, an LA-based billionaire surgeon, who amassed his fortune by building and selling two pharmaceutical companies, is reportedly interested in bidding for live entertainment major AEG, which current owner Anschutz basically put up for sale last week.

Named by Forbes as LA’s richest man, Soon- Shiong could actually afford to buy AEG himself, his fortune being valued at just over the expected $7 billion asking price, though he will obviously lead a consortium of financiers, with Reuters naming financial services firm Guggenheim Partners as a possible partner on any deal.

It will be AEG’s various sporting interests, especially in the US, that will be of most interest to Soon-Shiong, who has already pumped some of his fortune into buying basketball and baseball teams. Which might be a worry to those on the live music side of the AEG business, though Anschutz has said it is only interested in bidders who are committed to keeping their entertainment group intact as one entity, incorporating sports, music and venues.