AEG Facilities, SMG see strength in numbers
Bob Newman, the president of AEG Facilities, said he’s only worked for two companies in his adult professional life: SMG and AEG.
Now, Newman is poised to lead the two venue management companies after they announced merger plans last week. The combined company, to be known as ASM Global, will emerge as the largest venue manager in the world.
ASM Global will be based in Los Angeles, manage a combined 310 venues, and have approximately 50,000 employees.
Newman will serve as president and CEO. His previous time at SMG included a stint as a regional vice president.
SMG President and CEO Wes Westley will take a spot on the new company’s board of directors after the merger.
“It’s an opportunity to really marry complementary businesses that have complementary strengths, complementary geographies,” Newman said.
Financial terms were not disclosed.
AEG Facilities manages top arenas that include Barclays Center, the Prudential Center and AmericanAirlines Arena. SMG is the venue manager for stadiums such as the Mercedes-Benz Superdome, U.S. Bank Stadium and Solider Field.
All told, Newman said SMG will bring approximately 240 venues to the merger while AEG Facilities brings its 70 managed facilities. AEG and Onex Corp., SMG’s parent company, will each have a 50 percent stake in ASM Global.
The deal is slated to be completed later this year.