Oracle Corp’s Larry Ellison looks to take over AEG Empire

Larry Ellison

Larry Ellison

Oracle Corp.’s Larry Ellison, who is well known for his rich taste in some of the finest things in life, is now set to take over the empire of a fellow billionaire in the Anschutz Entertainment Group auction. According to the sources close to him, Oracle Corp.’s Larry Ellison is absolutely intrigued by the multibillion dollar worth empire of sports and entertainment.

The Report:

According to sources well aware of the situation, Oracle Corp.’s Larry Ellison is highly interested in the Anschutz Entertainment Group auction that is owned by Phil Anschutz, a fellow billionaire. Incidentally Oracle Corp.’s Larry Ellison has only recently bought an island in Hawaii as well. Ellison’s interest in Anschutz Entertainment Group is however in the preliminary stage though, the owner of which has set an initial bid range of $10 billion. Oracle Corp.’s Larry Ellison, who ranks third among the wealthiest men in America, had once before tried to buy a sports team but met with failure. This is one of major attractions for Ellison since AEG would not only allow him to buy but also relocate a National Football League team in Los Angeles.

The Auction:

The Anschutz Entertainment Group auction has already started with the initial information being sent to the bidders by the investment bankers at Blackstone Advisory Partners in the early part of this week. The memorandum that contains all the information of the business but not of the finances is in most likelihood supposed to reach as many as a dozen of parties. Ellison’s interest in Anschutz Entertainment Group adds his name to a long list of billionaires apart from investment firms, trade buyers, sovereign wealth funds and private equity firms who have shown their interest in the Anschutz Entertainment Group auction. The assets of AEG include its stakes in LA Kings proffesional hockey team, the promotion business of the AEG Live concert, over a hundred sports and entertainment venues all over the world and the franchise of the Los Angeles Lakers NBA.

The latest status:

With the initial stakes priced at $10 billion, Anschutz has without doubt placed the bar on price quite high apart from keeping quite a few stipulations left to be done his own way. One significant fact associated with the Anschutz Entertainment Group auction is that the owner does not want to break up his company. Ellison’s interest in Anschutz Entertainment Group comes from the fact that he quite actively sought out to buy a sports team last year. In the earlier part of this year also Oracle Corp.’s Larry Ellison, had initial chats with Michael Heisley, the owner of the pro basketball’s team Memphis Grizzlies to buy his team. As of the Anschutz Entertainment Group auction, the bids can be placed by sometime around the end of this month by the parties once the submissions of the pitch books are done. According to some of the sources, in order to be able to move forward to the next round of the bidding, the parties need to raise their bids from the higher single digit to the lower double digit in terms of billions of dollars.

Richard Meryn
Richard Meryn, Associate Editor Industry Leaders Magazine (www.industryleadersmagazine.com)

Leave a Reply

Your email address will not be published.

Recent Posts

Costco Revenues for Q3 Beat industry Estimates

Costco Revenues for Q3 Beat industry Estimates

Neslon admitted that gasoline, travel, food courts, and business centers performed exceptionally well, adding to the overall profits. The retailer hit an all-time high when it came
22 hours ago
Elon  Musk Twitter Deal: Millions Lost In a Snap

Elon Musk Twitter Deal: Millions Lost In a Snap

Musk has been critical of Twitter’s free speech policies as he believes the social media giant is “the de facto public town square.” When the Elon Musk Twitter deal was annou
22 hours ago
Broadcom bought VMware to Expand Its Footprint in Software

Broadcom bought VMware to Expand Its Footprint in Software

After the deal is finalized, VMware shareholders will elect to receive either $142.50 in cash or 0.252 Broadcom stock for each VMware share. Under the deal, Broadcom will also take
2 days ago
Epic Games CEO Tim Sweeney Condemns App Store

Epic Games CEO Tim Sweeney Condemns App Store

Sweeney adds, “The problem here is a classic monopoly tie. You start with hardware. Apple makes smartphones and they profit from their smartphones — and they deserve to. But th
2 days ago
An Unexpected Bolt: Fintech Unicorn Bolt Issues Lay off Notice

An Unexpected Bolt: Fintech Unicorn Bolt Issues Lay off Notice

The New York Post reported that the Bolt layoff will see restructuring across US, Canada and Europe. They expect that roughly one-third of the entire workforce will be impacted by
2 days ago
Beeple Getting Hacked Resulted in His Followers Losing Over $438,000 in Crypto

Beeple Getting Hacked Resulted in His Followers Losing Over $438,000 in Crypto

Two tweets were posted using NFT artist Beeple’s account. The first one promoted an exclusive collection with Louis Vuitton. The second tweet announced that Beeple would soon rel
3 days ago