Live Nation executives are getting $6.5 million in bonuses, according to the merged Live Nation-Ticketmaster company’s SEC filing, handed in on Jan. 29.
On page 4 of the document, available here, the bonuses were disclosed:
- Michael Rapino, president and CEO of Live Nation, for $3 million.
- Irving Azoff, chief executive of Ticketmaster Entertainment Inc., got $2 million.
- Kathy Willard, Live Nation’s executive vice president, got $1 million.
- Michael Rowles, Live Nation’s executive vice president and general counsel, for $500,000.
Azoff was appointed executive chairman of Live Nation. He was chief executive of Ticketmaster Entertainment Inc., and will continue his role as chief executive of Front Line, the world’s largest talent-management company that represents more than 200 music stars including Christina Aguilera, Willie Nelson, Miley Cyrus and Neil Diamond.
Azoff also worked out a deal to get $34.7 million fed into his trust, a deal he set with Ticketmaster Entertainment. After an initial payment of $1.7 million on Feb 1, he will get $835,000 sent to his trust on the first day of each month starting March 1 until October 2013.
Live Nation issued 85,612,350 shares of their stock to Ticketmaster Entertainment, representing 50.01% of the voting power.
No fractional shares of Live Nation Common Stock were issued in connection with the merger, although Liberty Media Group, which held a 30% stake in Ticketmaster, which was spun off from Diller’s IAC/InterActiveCorp in August 2008. When the Ticketmaster-Live Nation merger was completed Monday, Liberty’s stake fell to 15%.
The SEC filing also noted that the company will have 14 board members, split with representatives from Live Nation and Ticketmaster.
Liberty Media chairman John Malone and IAC’s Barry Diller will work together once again. Malone was once Diller’s financial partner at IAC, but the two moguls ended up in court, battling about Diller’s plans to shoot off IAC’s assets, including Ticketmaster, into five companies. In 2008, a Delaware court sided with Diller, and Malone eventually dropped an appeal after the two reached agreements.
Liberty held a 30% stake in Ticketmaster, which was spun off from Diller’s IAC/InterActiveCorp in August 2008. But now that the merger is complete, Liberty’s stake fell by half to just 15%. According to the Los Angeles Times, Malone’s firm is restricted from acquiring more than 35% of any of the companies spun off from IAC, including HSN, LendingTree and Interval. These restrictions expire in August.
According to the SEC filing, “no fractional shares of Live Nation Common Stock were issued in connection with the Merger and holders of Ticketmaster Entertainment Common Stock are entitled to receive cash in lieu thereof.”
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