Michael Rapino Re-Ups With Live Nation Entertainment
– Michael Rapino
Live Nation Entertainment President/CEO Michael Rapino is signing a new five-year contract to run the concert behemoth, a source has confirmed to Pollstar.
The contract will ensure Rapino will continue to head up the company through 2022, as first reported in Amplify.
The source told Pollstar that Rapino is expected to sign the contract later this week.
Rapino has served as CEO since Live Nation formed in 2005 as a spin-off from Clear Channel Communication. He was CEO and President of Global Music for Clear Channel Music Group from 2004-2005 and led international music efforts at Clear Channel beginning in 2001.
Live Nation merged with Ticketmaster Entertainment in 2010 to become Live Nation Entertainment. The company’s stock recently hit an all-time high, closing at $46.16 on Nov. 14.
Live Nation Entertainment reported third-quarter earnings of $136.4 million in what Rapino called its best quarter in history in financial reports released Nov. 2. The company reported earnings of $136.4 million, or 53 cents on a per-share basis compared with $111.03 million last year, while posting revenue of $3.56 billion in the quarter, up from $3.17 billion a year ago.
Ticket sales and events were up, along with ticket price and per-head ancillary revenues, driving the big quarter – along with stadium tours from U2, Guns N’ Roses and Coldplay.
In February Live Nation Entertainment announced it had acquired a majority interest in Israeli promoter Blue Stone Entertainment and the formation of Ticketmaster Israel. Other acquisitions in recent years include C3 Presents and AC Entertainment.
The live music brand has operations in more than 40 countries with an annual revenue of more than $8 billion.
Rapino is speaking at the 2018 Pollstar Live! conference, where he’ll be joined by Mark Cuban, Rich Bressler, Troy Carter and many other heavy-hitters in the concert and entertainment business Feb. 6-8 in Los Angeles.