Live Nation Entertainment Inc. announced late Monday that Irving Azoff, executive chairman of the company and chief executive of the Live Nation talent agency subsidiary he founded, had resigned from all positions and is selling slightly over half his stake.
After the markets closed, Live Nation, a Beverly Hills concert and artist promoter and ticket-seller, announced that Azoff would sell about 1.7 million of his shares to Liberty Media, the largest Live Nation shareholder.
Azoff, 65, is the founder of Front Line Management Group, which was part of Ticketmaster when it merged with Live Nation in 2010.
Azoff told the New York Times that he wants to return to a more entrepreneurial role. Azoff plans to take some of his longtime management clients with him, including the Eagles, Christina Aguilera and Van Halen. He also will join the board of Starz, the cable television company owned by Liberty Media.
The company said it does not expect the departure of Azoff and any associated restructurings to have a material impact on ongoing operating results.