Latest news with #PhilipAnschutz
Irish Times
3 days ago
- Business
- Irish Times
Who really owns the music festival you're heading to this summer?
Anyone who works in the kind of music festivals that don't have billion-dollar entities behind them, will tell you how challenging it is to make things financially sustainable right now. Costs for almost everything a festival needs to run have gone up. Trends in ticket sales are still fluctuating since the pandemic, with big-event experiences sucking up audiences over smaller events. Money needs to be found somewhere, and for years, the experience at many large music festivals is akin to being in a mall where the visual noise of brand 'activations' is as loud as the main stage. We are deep in festival and outdoor concert season. This summer, what that means is asking questions about ownership, sponsorship, and line-ups. A rolling wave of artist and cultural boycotts related to Palestinian solidarity is simultaneously exposing the role of private equity in festivals: who owns what, and who funds what. Some lines of ownership are relatively simple. Coachella, for example, is run by Goldenvoice, which is a branch of AEG Presents, which is the live arm of Anschutz Entertainment Group (AEG), which is part of the Anschutz Corporation, which began as an oil well drilling company. The name of Philip Anschutz – the billionaire owner of the entity and son of its founder Fred Anschutz – popped up in the 2017 hearings of the now US Supreme Court Justice Neil Gorsuch. According to the New York Times, in 2006 Anschutz successfully lobbied a Colorado senator and the White House in George W Bush's era to nominate Judge Gorsuch to the federal appeals court in Denver. In the 2017 hearings, then-Senator Patrick Leahy noted Anschutz financed uber-conservative groups such as the Federalist Society and the Heritage Foundation . Rock and roll. READ MORE Other lines of ownership, and where various parent companies invest their money, are more opaque. Currently under fire is Superstruct Entertainment. Superstruct operates in what it calls 'the experiential economy', and owns multiple festivals including the massive Sónar in Barcelona, which it bought in 2024, and the equally large Hungarian festival, Sziget. Last January, Superstruct bought the hugely popular electronic music brand, Boiler Room, from the ticketing platform Dice. It also owns the UK LGBTQ+ festival Mighty Hoopla, and the Dutch electronic music festival DGTL. [ How Live Nation calls the tune for the live music industry Opens in new window ] In June 2024, Superstruct was sold by the private equity firm Providence Equity Partners to another private equity firm, KKR , for €1.3 billion. KKR's portfolio is worth around €620 billion. Its investments include the Israeli data analytics company Optimal+, and the Israeli data centre company Global Technical Realty. In 2019, KKR bought Novaria Group, a manufacturer of aerospace hardware, an acquisition characterised by the Sovereign Wealth Fund Institute as 'betting big on the US defence industry and aerospace engineered parts are part of that theme'. In 2023, KKR bought Circor International, described as 'one of the world's leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets'. Discontent around the KKR-Superstruct relationship has been brewing for some time. Now artists are taking a stand. The London festival, Field Day, bought by Superstruct in 2023, saw 15 artists pull out due to the KKR links. At the time of writing, 28 artists have pulled out of Sónar. Spain's culture minster, Ernest Urtasun, said that KKR is 'not welcome in Spain' , citing policy that companies with alleged economic interests in illegal settlements in Palestine 'cannot operate normally in the European Union'. Superstruct's sale to KKR was beyond the control of various festivals under this umbrella, and they have said as much. But the lack of autonomy festivals have over whose portfolio they ultimately end up in is a recurring theme. Individual consumers experience the same issue. The difference now is that artists and music fans are becoming more aware of financial flows in the context of the Boycott, Divestment and Sanctions (BDS) movement and Palestine solidarity more generally, especially at a moment when artists are core to such activism. This is before we even get into the US antitrust lawsuit concerning Live Nation (long-merged with Ticketmaster), heading to trial next March. Last month, Live Nation added a new figure to its board of directors, Richard Grenell , Donald Trump's special presidential envoy for special missions. In Trump's first term, Grenell was ambassador to Germany, a tenure that led Martin Schultz (the former leader of the Social Democratic Party) to characterise his behaviour as 'not like a diplomat, but like a far-right colonial officer'. [ Occupied Territories Bill: what's in it, how it has changed and what the implications might be Opens in new window ] The consciousness of artists and fans is being raised. This moment is about many things. It's about a younger generation and the artists they admire drawing a line. It's about the claustrophobia of capitalism, a system within which escape from ownership and practices whose values you disagree with often feels stiflingly impossible, rendering consumers inadvertently complicit as their spend downstream filters up to god knows what. It's about the billionaire class. It's about shape-shifting conglomerates, private equity, and their Hungry Hippo approach to gobbling up companies and brands digested in heaving portfolios. But it's also about a new generation querying financial flows and their beneficiaries. It's about the BDS movement becoming more and more mainstreamed. And ultimately, it's about something that has always been the case: big money is rarely clean.
New York Times
22-05-2025
- Business
- New York Times
Why Kings could go big-game hunting this NHL offseason: Catching up with Ken Holland
One week into the job, and there are not enough hours in the day. Since being named general manager of the Los Angeles Kings, Ken Holland has been on the phone with fellow GMs, agents and staff — it's been a whirlwind. And he's loved every minute of it. Boy, had he ever missed it. 'It's great being back in a GM chair,' Holland told The Athletic on Wednesday. 'I'm excited.' Advertisement The Hockey Hall of Famer was quick to thank Kings owner Philip Anschutz and team president Luc Robitaille for the opportunity — one that checked all the boxes for him, both professionally and personally. A team that has a chance to win. A big market. A West Coast city that fits nicely with wife Cindi and their home in Vernon, B.C., and a life that includes four kids and 10 grandchildren. It was the perfect package. Now it's time to roll up his sleeves. He's hit the ground running. One of Holland's first decisions was to reach out to Rob Blake, inviting him out for dinner to pick his brain. Not every outgoing GM would be interested in that kind of invite, but it's telling of the person that Blake is that he accepted. 'Being the classy, professional gentleman that he is, we got together for dinner for two and a half hours and talked a lot about the team and some other things,' Holland said. 'So very, very valuable for me.' Holland has decided to keep Blake's front-office group pretty much intact, which includes wanting to keep Nelson Emerson (AGM), Glen Murray (senior director, player personnel) and Marc Bergevin (senior adviser to GM) in the fold, among others, although we'll see what happens with Bergevin on the New York Islanders GM front, where he's interviewed twice, per league sources. 'I'm going to keep everybody,' Holland said. 'They had 105 points. They've gone through a retool. It was a wonderful job by Rob Blake and all the people around him. I mean, they've made the playoffs the last four years in a row.' Holland didn't blow up the Edmonton Oilers' front office, either, when he got there. He did bring three people in of his own. 'I am going to bring in a person on board here, someone that knows how I think, and other than that, I look forward to working with Nelson and Glen and Luc and (head coach) Jim Hiller and everyone there,' Holland said. Advertisement Holland wouldn't say who that person was he was bringing in, but I would be surprised if it wasn't Tyler Wright, who was with him with the Detroit Red Wings and the Oilers. As for Bergevin, if he doesn't end up as the new Islanders GM, both sides are fine working together in L.A. 'Berg has been a general manager in Montreal,' Holland said. 'His name is floated around out there. I wouldn't hold him back. I wouldn't hold anyone back if they had a chance to become a general manager or a head coach. But if Berg is back, I've obviously got a great relationship with him. We were together on the 2016 World Cup Canadian management team. We spent a good month together, and obviously we were both GMs and he's a former Red Wings player in the 1990s when I was in the front office there. 'If Berg stays, certainly he'll be somebody that will be very important to me. Because he's been in the chair, and that experience is always valuable.' Ironically, Holland himself met and interviewed with the Islanders this spring as part of their GM search process, although he would not comment on that. There's also been interest over the past year from a couple of other NHL teams, wanting Holland as a senior adviser. 'I did talk to some other teams, but at the end of the day, the situation had to work for my wife and I,' he said. 'We've got four kids and we have 10 grandkids. Family is No. 1.' In the end, the Kings' GM job called out to him for all kinds of reasons, and Cindi was obviously an important part of it. 'I spent a lot of days on the road in my life,' Holland said. 'She was home raising the kids and taking them to those school events, and I was missing birthday parties, I said to Cindi that if I had an opportunity to come back (as an NHL GM) and that if it fit for Cindi and fit for me, I would be interested in it. Advertisement 'But at this stage of our lives, it had to be a decision that worked for the both of us.' And again, the Kings' job was perfect in every way. 'It worked personally and professionally,' Holland. After a year out of team management, Holland said his juices were starting to flow this past season. He never saw himself as potentially retired, but rather as unemployed. He stayed in touch with the game by taking on an advisory role with NHL Hockey Ops, which allowed him to attend GM meetings and Board of Governors meetings. He watched NHL games every night all year long. After his mutually agreed-upon exit from the Oilers last June following a Game 7 loss in the Stanley Cup Final, Holland feels re-energized and absolutely up to trying to take the Kings to the next level. 'It's a great opportunity, a great organization,' the four-time Stanley Cup champion executive said. Holland's hire wasn't met with unanimous praise. Some segments of the Kings' fan base wanted younger blood. A more modern vision. And you get that, for sure, from their perspective. And like any GM, Holland hasn't batted 1.000. But if you look at where the Oilers were when he took over and where they were when he left, sometimes you miss the forest for the trees. The Oilers were a mess when he got there, despite having the best player in the world. They were a win short of winning the Cup when Holland left, the hockey culture completely overhauled in the process. Does that mean Holland will lead the Kings to the promised land? No one can answer that for sure. But I know he won't be afraid to swing for the fences. You can absolutely bet he's going to be aggressive this summer trying to upgrade the Kings roster. 'It's a good team,' Holland said. 'There's good veteran leadership on the team. There's some good young kids that are on the come up. It's L.A. It's got a great history. It's a great brand. It's an entertainment capital. Hopefully I can make a few decisions and we can convince a player or two to come join us like we were able to do in Detroit and able to do in Edmonton.' Advertisement The Kings have the salary cap space to swing hard enough. 'I plan to be aggressive,' Holland said. 'Ownership is prepared to go to the cap. The goal is to put a competitive team on the ice and, at the right time, be aggressive to try to make the team better and more exciting. Whether that happens in the next six to seven weeks or next year at the trade deadline or next offseason … but certainly the plan is to be aggressive at the right time.' I would be surprised if the Kings didn't enter the Mitch Marner sweepstakes, for example, if the pending unrestricted free agent is indeed available July 1. Just like I would be pretty surprised if the Kings didn't do all they could to enter a Connor McDavid frenzy if, for whatever reason, the best player in the world doesn't extend with the Oilers. (I'm not saying he won't extend. I'm just saying in case he doesn't.) No name will be too big for Holland. He's going to be big-game hunting to get the Kings over the hump.
