Live events sector
Following on from a rather embarrassing leak of emails which could have been interpreted as showing that AEG executives had hidden concerns about Michael Jackson’s mental and physical health prior to the planned ‘This Is It’ residency in London’s O2 in 2009, AEG Live has dropped its $17.5 million insurance claim against Lloyds Of London resulting from Jackson’s untimely death that year. AEG had tried to claim compensation from Lloyds, which had insured part of the planned 50 night O2 extravaganza. Insurers had claimed that the live firm had misrepresented the state of Jackson’s health when taking out its insurance policy. CNN have reported that AEG has now agreed with Lloyds to withdraw it’s insurance claim, and as a result the insurer will have the promoter removed from its lawsuit in the USA, which seeks to void the policy.
The Michael Jackson estate, which controls Michael Jackson LLC, is still pursuing the insurance payout, its lawyer said and is still a defendant in the case brought by Lloyds.
The Anschutz Company subsequently revealed plans to sell the Anschutz Entertainment Group, which includes the world’s second biggest live music promoter AEG Live, as well as various interests in the sports sector and an extensive network of sports and live entertainment venues. The firm has hired the services of the Blackstone Group to advise on the deal. Anschutz bosses reportedly hope to complete any sale sometime next year.