Executive Chairman Irving Azoff broke the news Thursday. Diller sold about 2.5 million shares, or about 1.4 percent, of Live Nation Entertainment Inc. The price was not disclosed.

John Malone, who controls Liberty, replaced Diller temporarily as chairman last month after a boardroom power struggle. Liberty had held about a 14 percent stake.

Live Nation said Wednesday in a securities filing that Jason Garner, its CEO of Global Music, left the company last week. Analyst Benjamin Mogil of Stifel Nicolaus said the company is moving away from the centralized booking of tours and returning to a regional focus.

The company also said Thursday that its third-quarter net income fell 26 percent to $51.4 million, or 30 cents per share, as revenue sank 14 percent to $1.84 billion on lower concert attendance. It said a surprise decline in October ticket sales means it will likely miss its earlier full-year profit forecast by about 5 percent.