Dolan Joins LN Board

Live Nation Entertainment seated Cablevision President/CEO James Dolan on its board of directors June 28, and passed a few somewhat unusual resolutions to accommodate another position, namely that of executive chairman of Madison Square Garden Entertainment.

In a June 30 filing with the Securities and Exchange Commission, Live Nation reported that “in order to attract and retain Mr. Dolan as a member of the Board, and in light of Mr. Dolan’s ongoing services to Cablevision, MSG and AMC [Networks, of which he is also a director], the Board has … adopted resolutions which renounce and provide for a waiver of the corporate opportunity doctrine as it relates to Mr. Dolan.”

In plain English, Live Nation essentially released Dolan from his duty to Live Nation shareholders to bring new corporation business opportunities “except in limited circumstances.” It allows him to compete with Live Nation in his capacities with his other companies.

Specificially, Live Nation gives up its right to prevent Dolan from “competing with, investing in competitors of, or negotiating on behalf of other entities against, Live Nation.”

The resolution makes no mention of yet another of Dolan’s entanglements – he’s a Live Nation client as well, as a guitarist in the band JD and the Straight Shot.

And, as is standard practice for incoming board directors, Dolan gets a chunk of Live Nation common stock, for a total of just more than 3.9 million shares.