Woodruff Arts Center, the owner of the Verizon Wireless Amphitheatre, will "benefit from a more predictable stream of revenues" under the terms of the deal
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Michael Rapino is set to extend his successful tenure in the top job at Live Nation Entertainment for another five years
By IQ on 19 Dec 2017
Update (18/12/17): An SEC filing from Live Nation has confirmed Rapino’s new five-year contract. The deal is valued at a potential US$9m per annum ($3m base salary + $6m in bonuses) and also includes a grant of 289,505 shares in restricted Live Nation stock.
Michael Rapino, CEO of Live Nation Entertainment since 2010, is reportedly to remain in his role until at least 2022 with the expected signing this week of a new five-year contract.
Rapino has served as CEO of Live Nation since its formation in 2005, when it was spun off (initially as CCE SpinCo, Inc.) from Clear Channel, where he was president of global music. He became president and CEO of the newly formed Live Nation Entertainment in 2010, when Live Nation merged with Ticketmaster.
Under his tenure, Live Nation has experienced more than a decade of continuous growth, with Live Nation shares now trading at a record US$42.91, with a market capitalisation of $8.9bn, reports Amplify – a nearly four-fold increase from when the company went public in December 2005.
Live Nation Entertainment, now the world’s largest live entertainment company, continues to grow, both financially – it is on course for a seventh consecutive year of record growth, turning over $3.6bn in Q3 2017 – and in scope through buy-outs, joint ventures and partnerships: The company has made 16 acquisitions or equivalent in the past two years alone, the most recent being Utah promoter United Concerts.
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