AEG is "embarking on an aggressive expansion," and is "using the lessons it learned" from the company's failed sale to reshape itself, according to Hannah Karp of the WALL STREET JOURNAL. AEG's expansion comes one year after the company's auction process "failed to attract an offer that met or topped" its projected $8B. AEG has "sold pieces of its business that had perplexed prospective buyers" while trying to "capitalize on what intrigued the bidders most: synergies between concert-promotion unit AEG Live and the 100-plus venues and surrounding real estate the company owns around the world." AEG is "developing 'entertainment districts' around its arenas in London and Berlin, akin to L.A. Live." The company next month will "break ground on a new 20,000-seat arena in Las Vegas, a joint venture" with MGM Resorts Int'l. AEG also has "acquired an equity stake in the management company that operates the French indoor sports and concert arena Palais Omnisports de Paris-Bercy, paving the way for further development in Paris." The company is "beefing up its digital presence to drive business to its venues." AEG's ticketing service, AXS, currently "sells tickets mostly for shows at AEG venues, but it plans to more aggressively court third-party venues." A source said that AEG is "planning to offer them better financial terms than they receive from Ticketmaster or other competitors." Meanwhile, AEG President & CEO Dan Beckerman said that company Chair Phil Anschutz has "no plans to attempt another sale" (WALL STREET JOURNAL, 4/14).
