{"id":209691,"date":"2024-08-29T11:18:26","date_gmt":"2024-08-29T10:18:26","guid":{"rendered":"https:\/\/www.musicbusinessworldwide.com\/?p=209691"},"modified":"2024-08-29T11:18:26","modified_gmt":"2024-08-29T10:18:26","slug":"aeg-and-onex-complete-sale-of-asm-global-to-live-events-company-legends","status":"publish","type":"post","link":"https:\/\/www.musicbusinessworldwide.com\/aeg-and-onex-complete-sale-of-asm-global-to-live-events-company-legends\/","title":{"rendered":"AEG and Onex complete sale of ASM Global to live events company Legends"},"content":{"rendered":"

Sports and live entertainment company AEG<\/a> and alternative asset manager Onex<\/a> have completed the sale of their ASM Global<\/a> joint venture to live events company Legends.<\/p>\n

First announced in November 2023, the merger creates what Legends<\/b><\/a> describes as \u201cthe world\u2019s preeminent premium live events company dedicated to providing fans with outstanding experiences globally.\u201d<\/p>\n

Financial terms of the acquisition were not disclosed. Following the transaction, ASM Global<\/b> will continue to operate under its name, Legends said in an August 23 statement.<\/p>\n

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ASM Global was formed<\/a> from the merger<\/a> of AEG<\/b> unit AEG Facilities<\/b> and Onex<\/b>-owned SMG<\/b> in 2019. Headquartered in Los Angeles, ASM operated a portfolio of arenas, stadiums, convention centers and performing arts centers.<\/p>\n

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\u201cThis milestone will allow us to focus on the continued growth of AEG\u2019s core businesses, including our owned and operated real estate and venues, and our live entertainment and ticketing business.\u201d<\/p>\n

Dan Beckerman<\/b>, AEG<\/span><\/p>\n<\/blockquote>\n

Shortly after it was formed, ASM purchased<\/a> a 25% <\/b>stake in Australia-based venue operator VenuesLive<\/b>, previously held by Techfront Australia<\/b>. VenuesLive operates the 83,500-seat ANZ Stadium<\/b>\u00a0and 30,000-seat Bankwest Stadium<\/b> in Sydney, as well as the 60,000-seat Optus<\/b> Stadium<\/b> in Perth.<\/p>\n

Commenting on the acquisition by Legends, Dan Beckerman<\/b>, President and Chief Executive Officer of AEG, said: \u201cThis transaction is the culmination of our vision to drive ASM\u2019s growth and unlock substantial business value in the company.<\/p>\n

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\u201cThis milestone will allow us to focus on the continued growth of AEG\u2019s core businesses, including our owned and operated real estate and venues, and our live entertainment and ticketing business.\u201d<\/p>\n

The combined entity will offer a suite of services, including venue planning and development, content and event booking, partnerships and premium ticketing, and merchandise and hospitality, Legends said. The service will cater to clients across various industries, including sports, entertainment, attractions, conventions, and leisure.<\/p>\n

\u201cThe next era of Legends starts now,\u201d Legends CEO Dan<\/b> Levy<\/b>\u00a0said. \u201cOver the course of 15 years, we have developed an unmatched solution to deliver a superior fan experience and help our partners grow. We are proud to add ASM Global to deliver even better experiences and value for our global partners, setting the standard in sports and entertainment.\u201d<\/p>\n

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Ron<\/b> Bension<\/b>, ASM Global President and CEO, added, \u201cOne of our ASM Global mantras for a number of years has been \u2018the future is now.\u2019 By joining Legends, that future has not only arrived, but it couldn\u2019t be brighter. The opportunities created by our companies\u2019 collective capabilities will elevate not only the success of our partners, clients, and projects worldwide, but the industry as a whole.\u201d<\/p>\n

Founded in 2008, Legends has grown through organic expansion and strategic acquisitions. Following the acquisition of ASM Global, Legends said its global reach now extends to Africa, Asia, Europe, Oceania, and North and South America.<\/p>\n

Sixth<\/b> Street<\/b>, a global investment firm, remains the majority investor in Legends, partnering with YGE<\/b> Holdings<\/b>, an affiliate of the New York Yankees<\/b>, and Jones<\/b> Concessions<\/b> LP, a Jerry<\/b> Jones<\/b> family company.<\/p>\n","protected":false},"excerpt":{"rendered":"

The merger creates what Legends describes as \u201cthe world\u2019s preeminent premium live events company”<\/p>\n","protected":false},"author":38,"featured_media":209705,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[909,92242,132700,132699],"class_list":["post-209691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aeg","tag-asm-global","tag-legends","tag-onex"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/209691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/comments?post=209691"}],"version-history":[{"count":0,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/209691\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/media\/209705"}],"wp:attachment":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/media?parent=209691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/categories?post=209691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/tags?post=209691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}