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Philip Anschutz

Philip Anschutz (Philip F. Anschutz, born 1939) is an American businessman and investor and the founder of The Anschutz Corporation. His businesses have spanned oil, railroads, telecommunications, real estate and sports and entertainment: he chaired Southern Pacific Rail Corporation, founded the telecom company Qwest, and through Anschutz Entertainment Group (AEG) owns and operates more than 70 venues worldwide.

Contents11 sections
Key facts

Birth, Early Years and the Family Drilling Company

Anschutz was born on December 28, 1939, in Russell, Kansas, and grew up in Wichita after his family moved there by way of Hays.⁠[1][2]

At six he sold Kool-Aid on a nearby college campus from a wheeled stand he had built; he started working at 14 and paid his way through the University of Kansas with summer jobs and waiting tables, graduating with a degree in finance.⁠[3][2]

He had planned to attend law school at the University of Virginia but instead stepped in when his father’s oil business ran into trouble. In 1961 he bought out his father’s drilling company, Circle A Drilling; within less than four years he made it stable and profitable, then sold its assets and dissolved it.⁠[2][1]

Founding The Anschutz Corporation and Oil Exploration

In 1965 Anschutz founded The Anschutz Corporation in Denver and entered the oil business.⁠[4][2]

In 1970 he bought Baughman Farms, a 250,000-acre farming operation in Kansas; in 1971 he acquired 9 million acres along the Utah–Wyoming border, which produced his first major fortune and led to the discovery of the Anschutz Ranch oil field.⁠[1]

By 1976 he held oil fields in Montana, Texas, Colorado and Wyoming and had invested in uranium and coal mines and cattle ranches; along the way he drilled a run of 30 dry wells that strained his credit. In the late 1970s he used new seismic technology on land in northern Utah, leading to one of the largest oil discoveries since Alaska’s Prudhoe Bay, much of which he sold to Mobil Oil.⁠[2]

Railroads

In 1984 Anschutz bought Rio Grande Industries and later acquired the Southern Pacific Railroad.⁠[1]

He was chairman of Southern Pacific Rail Corporation until it was acquired by Union Pacific CorporationUnion PacificUnion Pacific Corporation is an Omaha-based U.S. railroad holding company whose Union Pacific Railroad runs freight trains in 23 western states. In 2025 it agreed to merge with Norfolk Southern.Open the full entry in 1996, and from 1996 served as vice chairman of Union Pacific. From 1995 he was also a director of Forest Oil Corporation.⁠[5]

Founding Qwest

Anschutz founded Qwest Communications International and was chairman of its board from 1993; after stepping down as non-executive chairman in June 2002 he remained a director. Anschutz Company, which he chairs and wholly owns, was Qwest’s largest stockholder.⁠[5][6][6]

From 1999 he was a director of Qwest Digital Media LLC, a joint venture between Qwest and Anschutz Company.⁠[5]

IPO Allocation Suit and Regal

From March 2002 Anschutz was a director of the movie theater chain Regal Entertainment Group.⁠[4]

On September 30, 2002, the New York State Attorney General sued Anschutz and four other telecom executives, alleging that they improperly profited from hot IPO shares allocated by Salomon Smith Barney in return for investment banking business; the complaint said Qwest executives received 57 IPO allocations from March 1996 through June 2001, with Anschutz making $5 million in profits. The Anschutz Corporation said at the time that “Anschutz never personally received any IPO allocations” and called the suit unfounded.⁠[7][8]

In May 2003 Anschutz settled with the New York Attorney General’s office without admitting or denying liability, agreeing to give up about $4.4 million to six law schools and nonprofit groups. Anschutz Company said: “We never steered Qwest investment banking business to Salomon Smith Barney.”⁠[9]

As of March 27, 2006, Anschutz beneficially owned 303,144,190 Qwest shares, 16.1 percent of the total, through his wholly owned Anschutz Company and Anschutz Family Investment Company LLC; at the time he was still non-executive vice chairman of Union Pacific and a director of Regal.⁠[6][6]

Sale of Regal

As of December 31, 2016, The Anschutz Corporation owned all of Regal Entertainment Group’s Class B common stock and controlled about 69.0 percent of its voting power.⁠[10]

On February 28, 2018, Regal completed its merger with Cineworld Group plc under an agreement dated December 5, 2017; Regal shareholders received $23.00 in cash per share and Regal became an indirect wholly owned subsidiary of Cineworld.⁠[11]

Sports and Entertainment

Energy Projects, Philanthropy and Honors

Anschutz aims to build one of the world’s biggest wind farms on 320,000 acres in Wyoming.⁠[3]

He established the Anschutz Foundation in 1964 to support community service, the arts and health. He and his wife, Nancy, gave more than $100 million to the University of Colorado School of Medicine’s campus in Aurora, now named the Anschutz Medical Campus.⁠[1]

In 2000 he received the Horatio Alger Award. He credits his success to innovation, leadership, persistence and surrounding himself with capable, ethical people, saying: “It is only by sticking to an objective through adversity that a goal can ever be realized.”⁠[2]

Personal Wealth

Related Organizations, Websites, and Public Accounts

Anschutz Entertainment Group (AEG): Official website: https://www.aegworldwide.com/ (opens in a new window).⁠[12][3]

Sources

  1. Philip F. Anschutz (opens in a new window)
  2. Philip Anschutz (opens in a new window)
  3. Philip Anschutz (opens in a new window)
  4. Regal Entertainment Group — 2005 Proxy Statement (opens in a new window)
  5. Qwest Communications International Inc. — 2001 Proxy Statement (opens in a new window)
  6. Qwest Communications International Inc. — 2006 Proxy Statement (opens in a new window)
  7. Spitzer sues Ebbers, Nacchio (opens in a new window)
  8. State Suit Seeks Repayment Of Ipo And Stock Option Profits Of Corporate Executives (opens in a new window)
  9. Ex-Qwest chairman settles IPO suit (opens in a new window)
  10. Regal Entertainment Group — Form 10-K, 2016 (opens in a new window)
  11. Regal Entertainment Group — Form 8-K, February 28, 2018 (opens in a new window)
  12. About Us (opens in a new window)