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Monday, December 31, 2012

Live Nation Chairman Azoff resigns; Liberty buys shares, (NYSE: LYV)

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 been identified.Liberty Media said in a statement that its acquisition of some of Azoff's shares increased the company's stake to 26.4 percent.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 Entertainment, Inc. (Live Nation) is a live entertainment company. Shares of LYV traded higher by 3.67% or $0.33/share to $9.31. In the past year, the shares have traded as low as $8.01 and as high as $11.00. On average, 854351 shares of LYV exchange hands on a given day and today's volume is recorded at 1154648.