Barry Diller plans to resign as chairman and director of Live Nation Entertainment Inc. according media reports.

Officials at the Beverly Hills entertainment ticketing and promotion company have confirmed the announcement, reportedly made at Tuesday’s board meeting. The Wall Street Journal and Hollywood Reporter first reported the resignation, which they said will take effect at a future board meeting in order to give the company time to find a replacement. Diller later in the day confirmed his action to Reuters.

The resignation follows a contentious July conference during which investors criticized the company’s efforts to overcome slumping ticket sales amid the recession. The company, which was formed from the merger of concert promoter Live Nation and Ticketmaster Entertainment, now manages artists in addition to producing concerts and selling T-shirt and souvenirs.

Live Nation has warned that operating income this year could fall by 10 percent.

Diller, 68, is chief executive of former Ticketmaster parent IAC/InteractiveCo.

Shares were up 10 cents, or 1 percent, to $9.95 in midday trading on the New York Stock Exchange.