The proposed sale of Concerts West to Clear Channel Communications have diminished, according to the Los Angeles Times. The paper reported that the stumbling block appeared to that the two sides could not agree on key deal points such as how the combined companies would be organized. Also, the Times noted that Philip Anschutz, Concerts West's Denver-based billionaire owner, is concerned about the increasing consolidation of the $1.6-billion concert industry.
The deal being discussed would have provided Clear Channel with the right to promote concerts in certain Anschutz-owned venues. Timothy J. Leiweke, president of concerts and sports subsidiary Anschutz Entertainment Group, said that his firm is talking with Clear Channel, but that a deal is not imminent.
"We are not getting out of the live entertainment business," Leiweke said. "Our desire in life is not to back down, our desire in life is to grow, and that includes the promotion of live events in the United States."