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Michael Rapino re-ups with Live Nation

Rapino, who has served as CEO of the company since its formation in 2005, has signed a five-year contract extension running to 2027

By James Hanley on 07 Jul 2022

Live Nation's Michael Rapino is backing MITC's ‘Touring and Mental Health Manual’ and Tour Support for World Mental Health Day 2019

Michael Rapino


Live Nation CEO and president Michael Rapino has signed a new five-year contract extension with the company.

Under the terms of the agreement, while Rapino’s base salary will remain at $3 million, 90% of his annual compensation will be performance-related. In addition, he will receive a $6m signing bonus and his annual cash performance bonus has a target amount of $17m, according to the filing.

From 2023, Rapino will also be entitled to receive an annual performance-based grant of restricted shares of company common stock with an annual target value of no less than $10m, “based on the attainment of qualitative performance targets to be established by the Compensation Committee”, it adds.

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.

LN delivered its best Q1 performance ever earlier this year

Earlier this year, LN delivered its best Q1 performance ever, posting revenue of $1.8 billion. The promoter recorded operating income of $27 million and AOI of $209m for the first three months of the year, while its Ticketmaster division posted another record quarter.

Ticketmaster reported sales of 70 million tickets for its 2022 concerts – up 36% compared to the same point in 2019, and Rapino said all leading indicators pointed towards double-digit growth and fan attendance for LN over the course of the year.

News of Rapino’s deal follows the company’s strategic acquisition of the concerts and entertainment division of Thailand-based TERO Entertainment (TERO C&E).

LN’s share price stood at $83.35 before the opening of the markets today.

 


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