What is Philip Anschutz's Net Worth?
Philip Anschutz is an American entrepreneur with a net worth of $13 billion. Philip is one of just two Americans who have maintained billionaire status every year since 1982, along with William Herbert Hunt. Today, the majority of Philip Anschutz's fortune comes from his Denver-based conglomerate, Anschutz Corp. Among his 150 companies, the most valuable is Anschutz Entertainment Group (AEG). AEG owns L.A. Live, a 27-acre entertainment complex in Los Angeles. Additionally, AEG holds significant stakes in four professional sports teams and 12 sports arenas and operates one of the world's largest concert promotion companies, best known for running the Coachella Music Festival.
In the 1970s, Philip Anschutz earned significant profits from the oil business. In 1982, he sold a 50% stake in an oil field in Alaska called Prudhoe Bay to Mobil for $500 million. Two years later, he paid $90 million to acquire the Rio Grande Railroad. In 1990, he purchased the Southern Pacific Railroad for $1.4 billion, capitalizing on the permission to lay fiber optic cables along the railroad. This led to the formation of Qwest Communications, which went public and reached a market cap of over $40 billion in the late 1990s. Anschutz sold Qwest in 2010 for $23 billion, netting himself a $4 billion gain. Concurrently, he used Qwest dividends to acquire movie theater chains, forming Regal Entertainment, which he took public in 2002. He also owns Windstar Cruises.
Today, Philip Anschutz's portfolio includes companies in energy, real estate, telecommunications, and sports and entertainment. Notably, he played a key role in the development and expansion of Major League Soccer, owning multiple teams. His investments span oil companies, railroads, newspapers, performance venues, and film companies, making him one of the largest landowners in the United States. He has also donated more than $100 million to establish the Anschutz Medical Campus at the University of Colorado in Aurora.
Early Life and Education
Philip Anschutz was born on December 28, 1939, in Russell, Kansas, to Marian and oil tycoon Frederick Anschutz. He attended Wichita High School East, graduating in 1957. He then earned a Bachelor of Arts degree in business from the University of Kansas in 1961.
Land Acquisitions
In 1961, Anschutz bought his father's oil-drilling company, reaping substantial returns in Wyoming. He used these earnings to acquire vast tracts of land. In 1970, he purchased the 250,000-acre Baughman Farms in Kansas for $10 million. The following year, he acquired nine million acres along the Wyoming-Utah border, which led to the discovery of the Anschutz Ranch oil field, the largest US oil find since Alaska's Prudhoe Bay. His vast landholdings have placed him among the top 100 landowners in the United States.
Railroads and Oil
Anschutz entered the railroad business in 1984 by acquiring Rio Grande Industries. Under his leadership, the company purchased Southern Pacific Railroad in 1988. Eventually, Southern Pacific merged with Union Pacific Corporation, making Anschutz vice chairman. In the oil industry, he served as a director of Forest Oil Corporation and held positions on the boards of the American Petroleum Institute and the National Petroleum Council.
Telecommunications
In 1996, Anschutz founded Qwest Communications, a telecommunications carrier servicing 14 states in the Western and Midwestern US. After facing numerous customer complaints and accounting scandals, CenturyLink acquired Qwest in 2010, and it became defunct in 2011.
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Sports and Entertainment
Anschutz's most significant business ventures lie in sports and entertainment. In 1994, he founded Anschutz Entertainment Group, which has become the world's largest owner of sports teams, events, and venues, and the second-largest presenter of live music and entertainment events. Through AEG Live, he owns the Coachella Valley Music and Arts Festival. Other holdings include the film company Walden Media, the movie theater chain Regal Entertainment Group, and the Broadmoor hotel in Colorado Springs.
In sports, Anschutz played a pivotal role in Major League Soccer's development, owning teams like the Chicago Fire, Colorado Rapids, and San Jose Earthquakes. His initiatives have significantly boosted MLS's profits and revenues. He is the principal owner of the NHL's Los Angeles Kings and a minority owner of the NBA's Los Angeles Lakers. Moreover, he has stakes in major venues such as the Staples Center and the O2 Arena.
Other Business Interests
Anschutz's diverse business interests include owning newspapers like the Oklahoman, the Gazette, the San Francisco Examiner, and the Weekly Standard. In 2005, he launched the conservative tabloid the Washington Examiner, followed by the Baltimore Examiner in 2006. He has also invested in NRC Broadcasting, LightEdge Solutions, and the Power Company of Wyoming, the latter aiming to build the Chokecherry and Sierra Madre wind power complex.
Political Activity
A staunch conservative Christian, Anschutz opposes women's and LGBTQ+ rights, donating to right-wing groups like the American Enterprise Institute and the Federalist Society. During the 2016 elections, he contributed $1 million to conservative campaigns.
Personal Life and Philanthropy
Anschutz married his wife Nancy, whom he met at 16, and the couple has three children. Preferring to stay out of the public eye, Philip has granted only a few formal interviews since 1979.
Through the Anschutz Foundation, Philip and Nancy have contributed over $100 million to the University of Colorado School of Medicine, now located on the Anschutz Medical Campus named in their honor. They have also donated to the University of Kansas, their alma mater.
