Billionaire Philip Anschutz, who owns the Los Angeles Kings, is selling his 27 percent share of the Lakers to the partners. Anschutz's right of first refusal to purchase additional Lakers shares in the future will transfer to the buyers, per the report.
Anschutz's company, AEG, owns the Staples Center, where the Kings and Lakers, plus the Clippers, play.
The deal will require approval from the NBA Board of Governors.
The Buss Family Trust owns 66 percent of the Lakers. Jeanie Buss, the daughter of Dr. Jerry Buss, the late Lakers' owner, runs the franchise.
The purchase price of the 27 percent stake has not been disclosed. In May, Forbes valued the Lakers at $4.6 billion, behind the New York Knicks ($5 billion) and Golden State Warriors ($4.7 billion).
Walter and Boehly were part of the group to buy the Dodgers for $2 billion in May 2012.
The Lakers have won 17 NBA championships but were eliminated in the first round of the playoffs this season by the Phoenix Suns in six games.
--Field Level Media