Tuesday, June 14, 2011

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

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The concerts were to be stagec by Anschutz EntertainmentGroupo (AEG) at London's 20,000-seat O2 formerly known as the Millennium Dome, whichu AEG operates. They were to be Jackson'sd first in 12 Jackson was declared dead Thursday at the UCLA Medicalk Center after paramedics called to his rented home nearbyu could notrevive him. Jackson was in Los Angele s preparing for theLondon concerts. The singer'as brother Jermaine said that Jackson sustaineed an apparent cardiac but an autopsy and toxicologu tests were tobegin Friday. Police also are investigatingb the death in what officialsw described as a routine procedur e in sucha high-profile death.
AEG and its Los Angeles-based unit are part of the Denver-basecd AEG also operates the Staples Centefr inLos Angeles, home of the Los Angelez Lakers, and many other venues, besidex being one of the industry's largest concerf promoters. A spokesman for Anschutz declined to comment AEG Live posted a statementt on its websitethat "a furthetr announcement for ticket holders will be made in due course," and a spokeswomanh said a statement on the situation may be made Some $85 million in tickets had been sold for the series of 50 billed as "This Is It," at pricesa for standard seats ranging from $80 to $125, .
VIP "Thrilletr Packages" were sold at up to About 750,000 people had bought tickets, . The music-industry journal Billboard estimated potential profits from the showwsat $115 million through ticket sales, VIP packages and merchandise, plus more from a proposer tour following the London dates. The Los Angelea Times that AEG Live had invested morethan $20 millio in the show's production; Billboardf placed the figure at $30 million. The Timexs said the show was to have featureds as many as 22 sets as wellas high-wire acts. AEG Live CEO Randyh Phillips, in a , called the show's technologty "the most cutting edge ever employedx ona tour.
We're using technologgy that's never been used before in live News reportssaid Jackson, 50, had undergonwe an extensive physical recently in preparation for the series of showe to satisfy insurance requirements and had passesd the medical tests. There have been reportsd that AEG at least initially had troublew getting insurance for the show But in theMay interview, Phillipss said AEG Live "is well insured for the after having earlier said the companty might have to "self-insure" the shows. ABC said Jackson had been paida $10 million advancer for the shows.
The singer -- once ranked one of the wealthiesft persons in showbusiness -- died some $400 million in according to news reports.

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