TodayInMusic: Live Nation snaps up rest of Front Line
Lots of medium-sized developments at Live Nation Entertainment today.
Firstly, the world’s largest concert promoter and leading ticketing company has taken full control of Front Line Management after spending $116.2 milion to buy the remaining stake it did not already own.
That stake was held by Live Nation’s executive chairman Irving Azoff and Madison Square Garden. It means Azoff has an increased position in the company, as does MSG. Front Line was founded by Azoff and manages over 250 artists including The Eagles, Christina Aguilera and Neil Diamond.
Other important changes at Live Nation include interim non-executive chairman John Malone stepping down from the board. You might recall he became interim chair after fellow media mogul Barry Diller stepped down as chairman last fall after a boardroom power struggle.
Malone, who is chairman of Liberty Media, is effectively being replaced by Liberty Media CEO Greg Maffei, who has also been named head of the Live Nation’s newly-formed executive committee.
Meanwhile, Liberty Media has increased its stake in the business and made a commitment to buy more shares subject to shareholder approval.
And Azoff is now taking over as chairman of the Live Nation board while he continues to run Front Line.