Michael Cohl Has Left The Building
Live Nation was said to be at odds with Cohl’s interest in signing several more 360 deals. It was not certain if Cohl would be able to go into business on his own, considering he has a lengthy non-compete agreement with Live Nation.
The decision comes days after The Rolling Stones, a longtime client of the Canadian promoter, recently shot down a U.K. report that they were within 14 days of signing a 360 deal.
“Michael’s contributions to the formation of Live Nation Artists have been immeasurable,” Live Nation CEO Michael Rapino said in a statement. “With his vision and guidance we have signed historic deals with JAY-Z and Madonna, whose ‘Sticky & Sweet’ tour is currently selling tickets at a record breaking pace around the world. We are also nearing completion of our proposed long-term agreement with U2. The foundation of Live Nation Artists is firmly established and I thank Michael for agreeing to stay with the company as a consultant.
“Live Nation’s strategy and execution remain on track as we are committed to acquiring additional artists’ rights beyond the concert tour, including unified rights deals with select artists,” Rapino said. “At the same time, we continue to take a disciplined financial approach and are focused on expanding cash flow and margins and increasing value for shareholders. We will continue to build out our integrated model as we selectively look to add more artists that can feed our core concert pipe.”
Live Nation immediately filed a Form 8-K with the Securities And Exchange Commission, paying KSC Consulting – a company wholly owned by Cohl – $4.5 million in a lump sum as full payment for Cohl’s services under the consulting agreement.