Irving Azoff, one of the old guard music industry's most powerful executives, is exiting his positions both as the Chairmen of concert and ticketing giant Live Nation and CEO of Front Line, the management company for more than 250 top recording and touring artists. In conjunction with the change, Liberty Media has purchased 1.7 million shares of Live Nation stock from Azoff, increasing its stake to 26.4%.
"My job here is done."
"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. As for his future, he would only said, "I'm looking forward to returning to the entrepreneurial world and continuing to work with all my friends and colleagues at Live Nation." The Wall Street Journal is reporting that Azoff will join the board of Starz, a cable owned by Liberty Media Liberty is expected to spin Starz off in 2013.
Live Nation recently renewed the contract of President Micahel Rapino. Who will lead the diverse group of artists and managers at Front Line, which is part of the Live Nation and Ticketmaster conglomerate remains unclear.