- Worth $15.3 billion, Philip Anschutz owns AEG, the parent company of Coachella.
- In addition to entertainment, he built his fortune through commodities including oil and railroads.
- In 2019, Forbes named Anschutz the richest person in the state of Colorado.
Coachella Valley Music and Arts Festival, the music event currently underway in Indio, California, is owned by Philip Anschutz, an 84-year-old billionaire businessman whom The New Yorker once called “the man who owns LA.” Despite living in Colorado, Anschutz is deeply embedded in California’s largest city.
With a net worth of $15.3 billion, according to Forbes, he owns Coachella through his company, the Anschutz Corporation, and one of its subsidiaries, Anschutz Entertainment Group (AEG).
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AEG owns several athletic teams, operates more than 90 clubs and theaters around the world, and produces or supports more than 25 music festivals. Anschutz also owns the Los Angeles Kings hockey team and previously owned one-third of the Los Angeles Lakers basketball team, as well as both teams’ home arena: Crypto.com Arena, formerly known as the Staples Center.
Take a look at how the billionaire makes and spends his fortune.
Katie Warren contributed to an earlier version of this article.
