Features
Birth Of Live Nation
Update: CCE Spinco is to be reborn as Live Nation as the company spins off from Clear Channel Communications December 21st, president and CEO Michael Rapino told The Wall Street Journal.
Details about the stand-alone company’s plans were expected to be released just as Pollstar was going to press December 15th, one day following the date of record for CCC stockholders to be eligible to receive shares in Live Nation.
Shares of the new company were expected to be issued December 21st, with Clear Channel stockholders receiving one share of Live Nation stock for every eight CCC shares they owned as of December 14th.
In “when-issued” trading on the New York Stock Exchange, Live Nation shares were being quoted at $11.05.
Live Nation is headquartered in Beverly Hills, according to Securities and Exchange Commission documents filed by CCE Spinco. Though, in reality, the power base moved to California from Houston months ago.
In the meantime, CCE Spinco is in the process of laying off about 400 employees, or 10 percent of its work force, according to the WSJ. In stripping its previous 14 divisions down to six core businesses, it is shedding marginal enterprises like music publishing and museum exhibitions.
Still up in the air is the question of Clear Channel Entertainment’s re-branding of local offices back to heritage promoter names last year. Will names such as
Rapino would not comment on the question, and indicated that a number of issues were still in discussion.
In addition to Rapino at the helm of Live Nation, Alan Ridgeway will serve as the company’s chief financial officer and Arthur Fogel will head up Live Nation’s global touring division.
As previously reported, Charlie Walker has been tapped as North America music president and Carl Pernow will preside over International. Charlie Mancuso will head up the motorsports division.
On the theatrical side, David Ian will top the global division while Steve Winton will serve as CEO of the North American division.
A Live Nation board of directors had not been named at press time. However, a list of proposed directors included in the CCE Spinco information statement mailed to shareholders included such names as Univision president and former U.S. Secretary of Housing and Urban Development Henry Cisneros.
CCC patriarch Lowry Mays and sons Randall and Mark are also included in the list of proposed directors, which could be completely changed once the spinoff is complete and Live Nation is on its own.
In any event, the top brass of the new company was expected to gather in Beverly Hills December 20th to talk shop as Live Nation leaves the nest the following day.
– Deborah Speer