Azoff Departs Live Nation

Irving Azoff

Irving Azoff has exited his post as Chairman of Live Nation Entertainment and CEO of its Front Line Management Group.

According to The New York Times, exiting with Azoff will be his longtime management clients including the Eagles, Christina Aguilera, Van Halen and Steely Dan.

In conjunction with his departure, Liberty Media Corporation has purchased 1.7 million shares of Live Nation stock from Azoff, increasing its stake to 26.4%.

Liberty Media also owns cable company Starz, where Azoff is reportedly joining the board of directors. Additionally, Liberty has a major stake in Sirius XM.

Azoff is also on the board of Clear Channel Communications, and media and entertainment company IMG.

Michael Rapino will continue as President and CEO of Live Nation Entertainment.

Live Nation purchased Front Line in 2011, at which point Azoff became chairman of Live Nation.

“After successfully overseeing the integration of Live Nation and Ticketmaster over the past two years, my job here is done,” said Azoff in a statement. “We put together the leading company across concert promotion, ticketing, sponsorship and artist management and delivered the great results promised by the merger. I especially enjoyed my time with my partner Michael Rapino, and he has demonstrated the ability to lead this company from now on. I’m looking forward to returning to the entrepreneurial world and continuing to work with all my friends and colleagues at Live Nation.”

“Irving has been a valuable partner and friend for the past few years,” added Rapino. ”We will certainly miss him and we thank him for his many contributions in building Live Nation to the global company it is today.”