LN Shareholders Soft On Directors, Pay

Live Nation Entertainment shareholders may have sent a message to its directors by rubber stamping neither its recommended candidates for directorships nor an advisory executive compensation proposal, according to a June 8 Securities and Exchange Commission filing.

While the four directors up for election – James Dolan, Ari Emanual, Greg Maffei and Randall Mays – were easily elected, the split votes cast indicate there might be some dissention in the ranks.

Liberty Media CEO Maffei, whose company now controls almost 26 percent of LYV, racked up a nearly identical share of “withheld” votes. Cablevision CEO Dolan fared only slightly better with a 25 percent unfavorable vote, followed by Clear Channel Communications holdover Mays (24.5 percent) and William Morris Endeavor chief Emanuel (14 percent).

The executive pay package took an even bigger beating, possibly reflecting some dissatisfaction with Live Nation management’s roughly $36 million in compensation, considering the stock has lost some 20 percent of its value in the last year.

More than 40 percent of shareholder votes were cast against the package, with another 2 percent abstaining, giving the advisory a 58 percent stamp of approval.