(CelebrityAccess MediaWire) — AEG has purchased the minority interest owned by the Fox Entertainment Group in StaplesCenter and other southern California properties and developments including LA Live, the proposed sports & entertainment district in downtown Los Angeles adjacent to Staples Center. Terms of the agreement were not disclosed.
"Moving into our next phase of development in downtown Los Angeles, a joint decision was made by AEG and the Fox Group for us to buy their interest in this partnership," commented Timothy J. Leiweke, president and CEO, AEG. "Rupert Murdoch, Peter Chernin, David Hill, Tony Vinciquerra, Gary Ehrlich and their entire organization have and will continue to be great partners with AEG. Specific divisions of our companies now drive what started as a relationship meant to create relationships. Whether they are in the production, motion picture, television network, content development or broadcast areas, our organizations will continue to create other business deals to develop future endeavors."
Fox Entertainment Group will retain their sponsorship elements as one of Staples Center's Founding Partners as well as their ownership share of the Fox Sports Sky Box restaurant located within the arena. In addition, The Southern California Sports Report and other original television programming will continue to emanate from the Fox Sports Net Studios also located within Staples Center and operated by AEG Teleworks.
Fox Networks Group President and CEO Tony Vinciquerra said: "Fox has enjoyed a productive partnership with Phil Anshutz, Tim Leiweke and the entire AEG team. We look forward to building on this relationship with future sports media and entertainment ventures between our companies."
"With our real estate and development teams being singularly focused on creating one of the most vibrant, active urban centers in the world and Fox's continued support of this vision, today's announcement bodes very well for the future of downtown Los Angeles," Leiweke continued. "As this type of development is not necessarily part of Fox's core business, it made sense for us to proceed while not forcing them to participate in such an active position." –Bob Grossweiner and Jane Cohen