By Ronald Grover
Dec 31 Irving Azoff, a legendary music manager
who helped make stars out of The Eagles and Christina Aguilera,
resigned as chairman of Live Nation Entertainment and
sold some of his stake in the concert promotion giant to John
Malone's Liberty Media Corp.
Azoff is expected to start a new talent management agency,
and is expected to take some of his former clients with him,
according to a person familiar with his exit. Those acts haven't
Liberty Media said in a statement that its acquisition of
some of Azoff's shares increased the company's stake to 26.4
Azoff sold 1.7 million shares Live Nation to Liberty. He
owned 7.6 million shares, or 3.9 percent of the company in June,
according to the company's proxy statement.
Live Nation's shares closed up 0.4 percent at $9.31 a share
Azoff's contract ends in 2014, according to the company's
proxy statement. Last week, Live Nation said it renewed Chief
Executive Michael Rapino's contract for five years.
Azoff was chief executive of Ticketmaster in 2010 when the
ticketing company merged with Live Nation. He was named
executive chairman at the time of the merger, and chairman of
the board the following year.
He retained his position as chief executive of Front Line,
his management company, which was part of the merger.
"After successfully overseeing the integration of Live
Nation and Ticketmaster over the past two years, my job is
done," the 65-year-old music executive said in a statement.