Anschutz Entertainment Group Inc. announced Feb. 7 that its subsidiary AEG Facilities has merged with facility operator SMG Holdings Inc., creating a standalone, Los Angeles-headquartered ASM Global, which will manage hundreds of venues across the world.
Ownership of ASM Global will be split 50-50 between downtown entertainment giant AEG and Onex Corp., a Toronto-based private equity outfit that acquired SMG last year for undisclosed terms.
Reports last year estimated SMG’s value at $750 million as rumors were spreading that AEG competitors Live Nation Entertainment Inc. and Oak View Group might acquire or partner with West Conshohocken, Pa.-based SMG.
The terms of the AEG-SMG merger were also not disclosed. Together, AEG and SMG manage an estimated 310 venues, including National Football League stadiums and concert arenas with more than 50,000 seats. Bob Newman, who has been AEG Facilities president, will be the first chief executive of ASM Global.
Management means handling logistics of events, and sometimes setting the event schedule. It includes event booking and promotion, but facility managers often work with promotion companies to procure events.
For AEG, the merger agreement includes only the facilities it manages and not AEG-owned venues, including downtown’s Staples Center, which will continue to be managed separately.
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