Report: Colony Finalist in AEG BiddingFriday, March 1, 2013
Colony Capital LLC looks like the high bidder so far in the auction for Anschutz Entertainment Group, although sources say that no suitor so far has offered the minimum that the L.A. sports and entertainment giant’s owner had expected.
Sources told Bloomberg News that L.A. Dodgers owner Guggenheim Partners LLC has dropped out of the bidding, but could return if AEG owner Philip Anschutz drops the $8 billion minimum price he’d reportedly accept. West L.A. biotech billionaire Patrick Soon-Shiong is also reportedly still interested in AEG. The company’s holdings include Staples Center, L.A. Live and interests in several L.A. professional sports teams.
Colony, which is led by billionaire investor Tom Barrack, is partnering with Qatar’s sovereign wealth fund in its bid. Colony primarily invests in real estate, but also owns the Miramax film library.
Sources told the Wall Street Journal that Blackstone Advisory Partners, which Anschutz hired to market AEG continues to be optimistic that it will eventually fetch a higher price, even though some bidders reportedly continue to value AEG at between $4 billion to $5 billion.