Bidders for Philip Anschutz’s collection of live entertainment businesses may be narrowing. Bloomberg reports that Colony Capital is out in front for AEG now that Guggenheim Partners has dropped out. Citing people familiar with the matter, Bloomberg says Los Angeles billionaire Patrick Soon-Shiong remains in the auction, but is unlikely to make an offer near the $8B asking price. Guggenheim could reenter the bidding if the price drops. However, negotiations for AEG are currently on hold as Anschutz recovers from back surgery, Bloomberg sources said. Tom Barrack’s Colony is partnered with Qatar’s sovereign wealth fund and is also understood to be bidding below the ask. It’s believed Anschutz could also decide not to sell the sprawling sports and entertainment operation that includes more than 100 global arenas and stadiums, numerous sports teams and is No. 2 in the world behind Live Nation in live concert promotions. Notably, AEG owns L.A.’s Staples Center as well as the Kings, the LA Galaxy, a stake in the Lakers and London’s O2 Arena, among other properties. It also is the driving force behind Farmers Field, the proposed downtown football venue that would draw at least one NFL franchise to L.A.
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.