Report: Live Nation Chairman Michael Cohl Negotiating Exit
June 19, 2008 at 4:19 PM (PT)
The simmering "civil war" between two of the principals at LIVE NATION, as reported in ALL ACCESS (NET NEWS 6/16), may be building into a full boil. THE WALL STREET JOURNAL reports that Chairman MICHAEL COHL is negotiating an exit from the concert promotion giant.
Apparently, COHL and CEO MICHAEL RAPINO have failed to resolve their differences in how aggressively to close high-priced 360 deals with recording superstars; COHL wants to go on a veritable signing binge, while RAPINO wants to hold off until the company can judge whether they're financially feasible. Sources tell the paper that LIVE NATION's board recently directed the two to work out their differences quickly; that resolution now seems to be an agreement on COHL's exit as soon as next week.
Yet even the exit deal isn't expected to be consummated easily. On top of a financial buyout, a major sticking point may be the length of the noncompete clause. LIVE NATION earlier indicated it would enforce the current eight-year non-compete deal.
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