Dec 31 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
Media mogul John Malone's Liberty Media purchased 1.7
million of Live Nation's shares from Azoff, Live Nation said in
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
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
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.