AEG Purchases Fox Entertainment Group Interest
LOS ANGELES, June 3 /PRNewswire/ -- AEG has purchased the minority interest
owned by the FOX Entertainment Group in STAPLES Center and other southern
California properties and developments including LA Live, the proposed sports &
entertainment district in downtown Los Angeles adjacent to STAPLES Center.
"Moving into our next phase of development in downtown Los Angeles, a joint
decision was made by AEG and the FOX Group for us to buy their interest in this
partnership," commented Timothy J. Leiweke, President and CEO, AEG. "Rupert
Murdoch, Peter Chernin, David Hill, Tony Vinciquerra, Gary Ehrlich and their
entire organization have and will continue to be great partners with AEG.
Specific divisions of our companies now drive what started as a relationship
meant to create relationships. Whether they are in the production, motion
picture, television network, content development or broadcast areas, our
organizations will continue to create other business deals to develop future
endeavors." FOX Entertainment Group will retain their sponsorship elements as one of
STAPLES Center's Founding Partners as well as their ownership share of the FOX
Sports Sky Box restaurant located within the arena. In addition, The Southern
California Sports Report and other original television programming will
continue to emanate from the FOX Sports Net Studios also located within STAPLES
Center and operated by AEG Teleworks.
Fox Networks Group President and CEO Tony Vinciquerra said: "Fox has enjoyed a
productive partnership with Phil Anshutz, Tim Leiweke and the entire AEG team.
We look forward to building on this relationship with future sports media and
entertainment ventures between our companies." "With our real estate and development teams being singularly focused on
creating one of the most vibrant, active urban centers in the world and FOX's
continued support of this vision, today's announcement bodes very well for the
future of downtown Los Angeles," Leiweke continued. "As this type of
development is not necessarily part of FOX's core business, it made sense for
us to proceed while not forcing them to participate in such an active
position." Terms of the agreement were not disclosed. DATASOURCE: AEG CONTACT: Michael Roth, Vice President, Communications of AEG, +1-213-742-7155
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