AEG and Onex Partners Complete ASM Global Sale
AEG, a leading name in sports and live entertainment, along with Onex, a prominent alternative asset manager, has finalized the sale of ASM Global to Legends. This strategic decision aligns with AEG's goal to strengthen its core businesses while maximizing its extensive portfolio in the live entertainment sector.
A Vision for Growth and Value Creation
Dan Beckerman, AEG's President and CEO, stated that this transaction represents a pivotal moment in the evolution of ASM and AEG's broader strategy. By selling its stake in ASM, AEG plans to further invest in its owned and operated real estate, including venues and ticketing initiatives that are essential to their business operations.
Onex's Role and Expectations
Onex executives Kosty Gilis and Amir Motamedi shared their satisfaction with the partnership that has supported ASM’s growth, especially during challenging times. They anticipate that Legends will continue to build on ASM's legacy by offering unique services to a diverse international clientele.
About ASM Global
ASM Global is well-known for managing a wide range of event venues around the world, providing top-notch management services to over 164 million guests each year. The collaboration with Legends is expected to enhance various operational aspects, ensuring exceptional experiences and hospitality services for events across different entertainment categories.
Overview of AEG's Operations
Based in Los Angeles, California, AEG holds a strong position in the sports and live entertainment industry through several key segments:
AEG Presents
This division focuses on live contemporary music, including the production and promotion of global concert tours, as well as organizing major music festivals like the Coachella Valley Music and Arts Festival.
Venues and Real Estate
AEG develops and manages iconic venues, such as Crypto.com Arena and L.A. LIVE, solidifying its role as a major player in sports entertainment districts.
Sports Operations
AEG oversees numerous high-profile sporting events and franchises, including the LA Kings and LA Galaxy, reinforcing its standing in the sports industry.
Global Partnerships
The Global Partnerships division at AEG manages sponsorship sales across various sectors, enhancing brand collaborations and customer engagement strategies.
Onex: A Global Investment Leader
Established in 1984, Onex is a respected investment management firm that caters to a diverse clientele, including pension plans and high-net-worth individuals. With approximately $49 billion in assets under management, Onex is dedicated to generating shareholder value through strategic investment decisions.
Contact Information
If you have any questions, please contact:
Michael Roth
VP, Communications, AEG
Tel: (310) 308-7684
Email: mroth@aegworldwide.com
Jill Homenuk
Managing Director – Shareholder Relations and Communications, Onex
Tel: (416) 362-7711
Frequently Asked Questions
What is the recent transaction involving AEG and Onex?
AEG and Onex have completed the sale of ASM Global to Legends, enhancing their strategic focus on core business areas.
What benefits does ASM Global's sale bring to AEG?
This sale allows AEG to refocus on its core operations within live entertainment, real estate, and venue management.
What services does ASM Global provide?
ASM Global specializes in venue management and operation services for live events, serving millions of guests annually worldwide.
Who will manage ASM Global post-sale?
Legends will take over the management of ASM Global, leveraging their resources and expertise to drive future growth.
What is Onex’s investment strategy?
Onex focuses on creating long-term value for its shareholders through strategic investments across multiple sectors globally.