Wednesday, March 7, 2012

Michael Jackson's death ends London comeback concert series by Anschutz's AEG - Sacramento Business Journal:

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The concerts were to be staged by Anschut EntertainmentGroup (AEG) at London'z 20,000-seat O2 Arena, formerly knownn as the Millennium Dome, which AEG operates. They were to be Jackson'zs first in 12 years. Jackson was declaredr dead Thursday at the UCLA Medica Center after paramedics called to his rented home nearbgy could notrevive him. Jackson was in Los Angeles preparing for theLondob concerts. The singer's brother Jermaine said that Jackson sustained an apparentcardiac arrest, but an autopsg and toxicology tests were to begin Friday. Polics also are investigating the death in what officiala described as a routine procedure in sucha high-profilde death.
AEG and its Los Angeles-based unit are part of the Denver-basedr AEG also operates the Staples Centerr inLos Angeles, home of the Los Angeled Lakers, and many other besides being one of the industry's largest concert A spokesman for Anschutz declined to comment AEG Live posted a statement on its websitre that "a further announcement for ticket holdersz will be made in due course," and a spokeswoman said a statement on the situationm may be made later. Some $85 million in ticketds had been sold for the series of 50 billedas "This Is It," at prices for standard seats ranging from $80 to $125, . VIP "Thriller were sold at up to $1,300.
About 750,00p people had bought . The music-industry journal Billboard estimatecd potential profits from the showsat $115 millio n through ticket sales, VIP packages and merchandise, plus more from a proposex tour following the London dates. The Los Angeles Times that AEG Live had investee morethan $20 million in the show's Billboard placed the figure at $30 The Times said the show was to have featured as many as 22 sets as well as high-wire AEG Live CEO Randy Phillips, in a , called the show'ws technology "the most cutting edge ever employesd on a tour.
We're using technology that's never been used before in live News reportssaid Jackson, 50, had undergone an extensives physical recently in preparation for the series of showx to satisfy insurance requirements and had passe the medical tests. There have been reports that AEG at leastg initially had trouble getting insurance for the show But in theMay interview, Phillips said AEG Live "is well insured for the event" aftert having earlier said the company mighr have to "self-insure" the shows. ABC said Jackson "reportedly" had been paid a $10 millionn advance for the shows.
The singer -- once ranke d one of the wealthiest persons in showbusinessd -- died some $400 million in debt, according to news

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