O2 owner AEG starts sale process

Billionaire Phil Anschutz has kicked off the auction of his AEG, the owner of the O2 arena as well as a host of US venues and sports teams, with an expectation that the sports and entertainment giant should draw bids in the $10bn (£6.3bn) range. The initial group of recipients is expected to include rich individuals, rivals, and private equity firms, sources said. Anschutz said last month he was looking at a sale and hired Blackstone Advisory Partners to advise.