Sources: TPG, Rockbridge Exploring Options For Stakes In AXS

Private equity firms TPG and Rockbridge are "exploring strategic options" for their stake in ticketing company AXS, including a "possible sale," according to sources cited by Steele, Gottfried & Cimilluca of the WALL STREET JOURNAL. Sources said that the firms, which "together hold 62%" of AXS, could "seek a sale" valuing the company at $250M. AEG "holds the remaining 38% in the ticketing company and operates it." AEG said that it "isn't interested in selling its stake." AEG is "contractually guaranteed to be the operating partner" of AXS. A source also said that AEG "hasn't discussed buying out the private-equity partners." Rockbridge was founded by Cavaliers Owner Dan Gilbert, whose team "uses AXS as a ticketing provider." Sources said that there is "no guarantee there will be a deal," but that bidders that could "serve as strategic partners and would work in cooperation with AEG are being considered" (WALL STREET JOURNAL, 9/17).