Cohl Exits CEO Post To 'Consult' Live Nation
June 20, 2008 at 2:42 PM (PT)
Confirming earlier ALL ACCESS reports (NET NEWS, 6/19), LIVE NATION CEO MICHAEL COHL has negotiated his exit in the form of a "transition to a consultant role" with the concert promotion giant. He has also resigned as a member of LIVE NATION's Board of Directors.
"MICHAEL's contributions to the formation of LIVE NATION Artists have been immeasurable," Pres./CEO MICHAEL RAPINO said. "With his vision and guidance we have signed historic deals with JAY-Z and MADONNA, whose 'Sticky & Sweet' tour is currently selling tickets at a record breaking pace around the world. We are also nearing completion of our proposed long-term agreement with U2. The foundation of LIVE NATION Artists is firmly established and I thank MICHAEL for agreeing to stay with the company as a consultant."
"LIVE NATION's strategy and execution remain on track as we are committed to acquiring additional artists' rights beyond the concert tour, including unified rights deals with select artists," RAPINO added. "At the same time, we continue to take a disciplined financial approach and are focused on expanding cash flow and margins and increasing value for shareholders. We will continue to build out our integrated model as we selectively look to add more artists that can feed our core concert pipe."
"I am extremely proud of what we have accomplished thus far at LIVE NATION Artists," COHL stated. "We have built a division whose current strategy we believe is set to unlock great value for our shareholders and our artists. I look forward to continuing to work closely with MICHAEL RAPINO, and remain committed to further growing LIVE NATION's enterprise value as a consultant to the company."