Report: AEG Live And Major Labels In Talks
June 18, 2010 at 4:25 AM (PT)
AEG LIVE, the second-largest live entertainment company in the world, is negotiating with the major music companies about taking a minority stake in the business, reports THE NEW YORK POST. UNIVERSAL MUSIC GROUP, SONY MUSIC ENTERTAINMENT and WARNER MUSIC are the labels sources familiar with the situation said were involved in the talks.
"The talks could result in either a sale to one of the major music companies or possibly a consortium of bidders," one executive told THE POST. "The discussions are said to have been on and off with Universal for more than a year, but have broadened recently to include other labels."
"The talks are still going on. There is no definitive agreement," added one person close to the discussions.
A spokesperson for AEG LIVE confirmed it had talked to some companies.
"There are a variety of substantial organizations that have contacted us over the years and recently about investment opportunities in AEG LIVE," the spokesman said. "While we happen to have all of our funding in place and have no need for additional investors and have never found anybody to be a good fit, we continue to speak to many to determine if they would bring proper assets to the table to warrant consideration."
A spokesperson for UNIVERSAL MUSIC said, "We are not in discussions with them." Executives at SONY and WARNER had no comment to THE POST.