Live Nation Chairman Michael Cohl, the driving force behind the concert promoter's wooing of superstars such as Madonna, has resigned, the company said on Friday after a disagreement over strategy, Retuers reports.
Cohl, who was head of Live Nation's artists division, has moved to a consultant role and stepped down from the board, the company said. Live Nation's shares fell almost 10 percent in anticipation of the news carried in earlier reports.
At issue are "360 deals" under which Live Nation signed major name artists such as Madonna and Jay-Z, giving them big upfront payments in exchange for financial rights to nearly all their business activities, from recording to licensing, according to a person familiar with the talks.
Cohl wanted to sign more such deals at a faster pace, while Live Nation Chief Executive Michael Rapino preferred signing around four to six artists a year, the person said.
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