Philip Anschutz

Founder and Chairman of the Board, Qwest Communications Inc

Born in Russell, Kansas in 1939, a graduate of the University of Kansas. Enrolled at the University of Virginia law school, but was needed back home to save the family business. Four years later, when the business was stable, Anschutz went on to invest in oil. His first big strike came in 1967, and he immediately bought up surrounding oil leases on credit. When a spark ignited his field and threatened bankruptcy, he called in Red Adair, who was reluctant to cap the well without assurance of compensation. Anschutz contacted Universal Studios, who were filming a story on Adair at the time, and sold them rights to film his fire for $100,000, enough to pay Adair and continue operations. He sold a chunk of this oil field to Mobil in 1982 for $500 million.

In 1984 Anschutz bought the Denver & Rio Grande Western Railroad, and in 1988 took control of the Southern Pacific Railroad, and began development of a fibre-optic network along the railroad right-of-way shortly thereafter. In 1996 he sold the Southern Pacific to the Union Pacific Railroad for $5.4 billion, while retaining a 5.4% stake in the combined company, in the telecom company, and in the fibre-optic network it was based on. In 1997 this company, now called Qwest, was taken public. Anschutz still owns 84%. His original $55 million investment was then valued at $4.9 billion. Fortune magazine estimated his worth at well over $10 billion in the fall of 1999.

While Qwest chief executive Joe Nacchio dealt with questions about a major credit downgrade and the collapse of the European arm of its global communications network, Anschutz steadfastly refused to comment - Nacchio has since been replaced.

Qwest Officials Made Millions in Stock Sales
Executives at Qwest Communications International made about $500 million selling company stock from 1999 to 2001 while they were releasing profit numbers that the company now says were exaggerated and based on improper accounting. Joseph P. Nacchio, Qwest's chief executive until he was forced to resign last month, made $227 million, according to Thomson Financial, a research company that tracks Securities and Exchange Commission filings. Robert S. Woodruff, the chief financial officer until last year, made $29 million. Drake S. Tempest, the current general counsel, made $13 million. In addition, Philip F. Anschutz, a member of Qwest's board and the company's largest shareholder, made almost $1.5 billion selling shares in May 1999. Most of the largest stock sellers have resigned from Qwest in the last 18 months. More...

Anschutz's Newest Empire
Anschutz took UA, Regal Cinema of Knoxville Tenn, and the Edwards theater chain of California into bankruptcy. When they emerged they had reduced their debt to about $700 million from about $3 billion. More...

Junior Achievement Honors Qwest Founder Anschutz
On a day when Qwest's crumbling financial condition took another hit, the Denver company's founder, Philip Anschutz, was honored as a distinguished businessman and inducted into the Junior Achievement National Business Hall of Fame. More...

Philip Anschutz's Regal Rises in Post-IPO Trade (Forbes/Reuters)
Investors snapped up shares of Regal Entertainment Group (nyse: RGC - news - people) in its stock market debut on Thursday, betting that billionaire Philip Anschutz can increase the movie exhibitor's profits in a crowded market. More...

US Plan to Put Giant Casino into Dome (The Guardian UK 23 Jan 2002)
The Millennium Dome and the surrounding land could play host to a Las Vegas-style casino under plans being drawn up by the US billionaire who is in talks with the government about leasing the empty shell. More...