Sixers to be Bought by Owner of American Idol
It's not quite that simple, but Joshua Harris, 46, the managing director and co-founder of Apollo Global Management, a private equity investment firm that owns Caesars Entertainment Corp., Norwegian Cruise Line, CKX – parent company of 19 Entertainment, which produces American Idol and So You Think You Can Dance – and others, is said to be heading a group that will purchase the Sixers for $280 million. [Bloomberg]
The Philadelphia 76ers likely will be sold to a group led by Joshua Harris, a director at Apollo Global Management LLC, in the next few business days, two people familiar with the negotiations said.
Harris will pay about $280 million, according to one of the people, who were granted anonymity because they weren’t authorized to discuss the sale publicly. Harris co-founded Apollo Management in 1990, and holds a bachelor’s degree from the University of Pennsylvania’s Wharton School of Business and a master’s degree from the Harvard Business School.
Apollo went public in March.
Last month, Apollo purchased CKX for $509 million, giving them owernship of not only the two FOX shows, but also the licensing rights to the names and images of Elvis Presley and Muhammad Ali, and operational control of Graceland. You see, everything is connected.
Harris is worth $1.5 billion and leading a group which includes David Blitzer, a director at Blackstone, to purchase the team.
This is 76ers basketball!