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Magic Johnson greets Patrick Soon-Shiong during a Urban Economic Forum co-hosted by White House Business Council and U.S. Small Business Administration at Loyola Marymount University. Soon-Shiong has been named as an potential bidder for AEG, the sports and entertainment giant.
Patrick Soon-Shiong — the richest man in L.A., with a net worth north of $7 billion — has been named as a bidder for AEG, the L.A.-based sports/entertainment giant that owns the Lakers, the Staples Center, and L.A. Live, among many other assets and properties worldwide.
AEG would be a pretty big bite — L.A. Live and Staples could fetch $1 billion apiece, and stakes in the sports franchises could add up to half a billion — so Soon-Shiong is reportedly not going it alone. He's joined with Guggenheim Partners' executives Mark Walter and Todd Boehly, who formed Guggenheim Baseball Management earlier this year to buy the Dodgers for more than $2 billion.
AEG has hired the Blackstone Group to manage its sale. Blackstone also handled the sale of the Dodgers, conducting the final auction at which Guggenheim swept in at the end with a winning bid that was half a billion more than the next closest buyer, hedge fund guy Steven Cohen, whose $1.6-billion offer had looked indomitable up to that point. Ironically, Soon-Shiong joined with Cohen late in the game, only to lose out.