L.A. will be home to the world’s No. 1 venue management company — which will own both the Staples Center and the Greek Theatre.
AEG Facilities, owned by Denver billionaire Philip Anschutz, will combine with Pennsylvania-based SMG to form ASM Global, a new entity owned jointly by AEG and private equity firm Onex, SMG’s parent company. ASM’s vast portfolio spans more than 300 arenas, convention centers and other venues across five continents, including Staples Center in Los Angeles and Dignity Health Sports Park in Carson.
The new company will be headquartered in Los Angeles with key operations based in West Conshohocken, Pa., a suburb of Philadelphia. The company will be led by Bob Newman, who formerly served as president of AEG. Wes Westley, former CEO and president of SMG, will focus his efforts on “key strategic growth initiatives and ensuring a seamless integration,” according to a Tuesday news release.He noted that AEG owns and runs venues, while SMG primarily provides management services.
“We will have this amazing global platform to serve this industry that is growing, and to focus on the live event experience,” Newman said. The company plans some restructuring as part of the merger, but Newman said he does not anticipate layoffs at this time. Newman started as an intern at SMG right out of graduate school in 1986 and stayed with the company for 20 years before moving to AEG, where he has worked for the last 12 years.AEG will largely retain ownership of its venues, including Staples Center and L.A. Live’s Microsoft Theater, where
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Announcing 2019 Women's Media Awards Honorees - Women’s Media CenterWe get to honor jkbjournalist, jovialjoy, Maria Grazia Chiuri, laurenembrey, GRITlaura, GayleKing, ZerlinaMaxwell, TheSamhita, maysoonzayid, and organizers of the QueridaFamilia campaign at the WMCAwards on 10/22! Learn about their work here:
Read more »
Man kills 1, wounds at least 9 at Finland shopping centerMan with knife-like weapon kills one person and wounds at least nine others at shopping center in central Finland, police say.
Read more »
Factbox: Disputed isles at center of feud between Japan, South KoreaA South Korean fighter jet conducted a patrol flight over islands at the center ...
Read more »
Kashmir is under siege and women are in the crossfire - Women’s Media CenterWomen Under Siege discussed the disproportionate impact of the occupation on women with Kashmir scholars Ather Zia, founder of Kashmir Lit and co-founder of the Critical Kashmir Studies Collective, and Nitasha Kaul, a poet, novelist, artist, and associate professor of politics and international relations at the University of Westminster.
Read more »
Pompeo was on Trump-Ukraine call at center of impeachment inquiryNEW: Sec. Pompeo was on Trump-Ukraine call at center of impeachment inquiry, senior State Dept. official tells NBCNews.
Read more »