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Azoff, 65, manager of groups including The Eagles and Christina Aguilera, is leaving immediately, the Beverly Hills, California-based company said today in a statement. John Malone’s Liberty Media Corp., the company’s largest investor, said today it bought 1.7 million of Azoff’s shares.
Azoff, founder of Front Line Management, became chairman of Beverly Hills, California-based Live Nation in February 2011, when the concert promoter bought the rest of his artist- management business for $ 116.2 million. Azoff was chief executive officer of Ticketmaster, which was acquired by Live Nation in January 2010.
“My job here is done,” Azoff said in the statement. “I’m looking forward to returning to the entrepreneurial world and continuing to work with all my friends and colleagues at Live Nation.”
Live Nation rose 3.7 percent to $ 9.31 at the close in New York. The stock has gained 12 percent this year. Shares of Englewood, Colorado-based Liberty Media advanced 1.7 percent to $ 116.01 and have tacked on 49 percent this year.