Live Nation chairman resigns; Liberty Media raises stake in co

Mon Dec 31, 2012 5:02pm EST

Dec 31 (Reuters) - Concert promoter Live Nation Entertainment Inc said Chairman Irving Azoff resigned from its board with immediate effect, and that Liberty Media Corp increased its stake in the company to 26.4 percent.

Media mogul John Malone's Liberty Media purchased 1.7 million of Live Nation's shares from Azoff, Live Nation said in a statement.

Liberty Media held a 25.52 percent stake in Live Nation as of July 10, according to a regulatory filing.

Azoff, 64, is also stepping down as the chief executive of Live Nation's Front Line Management Group, an artist management company.

Live Nation said it does not expect Azoff's departure to impact its results.

Liberty Media, which is close to gaining control of U.S. satellite radio provider Sirius XM Radio Inc, owns stakes in a variety of companies including book retailer Barnes & Noble Inc and cable television company Discovery Communications Inc.

Shares of Live Nation closed at $9.31 on the New York Stock Exchange, while those of Liberty Media closed at $116.01 on the Nasdaq on Monday.

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