The LA Times reports that Madison Square Garden Co. (MSG) is investing in a new venture with veteran music biz mogul Irving Azoff, manager of the Eagles and former chairman of Live Nation Entertainment. The newly created Azoff MSG Management will include Azoff's current management business with clients Christina Aguilera, Van Halen, Steely Dan and Fleetwood Mac’s Lindsey Buckingham, and will invest in publishing, digital media and television production. . Read More
It's been less than 48 hours since it was publicly announced that Irving Azoff is parting ways with Live Nation, the company he led after creating Front Line, the world's largest artist management company, selling it to Ticketmaster, and merging with Live Nation, and there is no shortage of coverage and commentary on why he left and what he'll do next. . Read More
Los Angeles – Live Nation Entertainment (NYSE: LYV) announced on Monday
that it will acquire the remaining stake in artist management firm Front Line
Management it did not already own, from founder Irving Azoff and Madison Square
Garden, in a deal valued at $116.2 million.
“Through this transaction we
will further simplify and consolidate our operating structure,” said Live
Nation president and CEO Michael Rapino.
“By acquiring full ownership of
Front Line, we expect to benefit from substantial savings related to cash
taxes, the elimination of the dividend and operating [...].
– Current Ticketmaster (NASD: TKTM) CEO Irving Azoff met with a group of leading ticket
brokers in 2007 in a bid to try to corner the market for secondary tickets, just
as rival Live Nation (NYSE: LYV) announced plans to develop its own ticketing service
independent of Ticketmaster, The Wall Street Journal reported. Azoff was still
heading his Front Line Entertainment management firm — in which Ticketmaster
had a stake — when he met with six large ticket brokers, and an offer was made
for [...]. one comment
Washington – Ticketmaster (NASD: TKTM)
has been subpoenaed or received requests for information from the Justice
Dept., Federal Trade Commission (FTC) and New Jersey’s Attorney General over the
resale of tickets on secondary ticketing websites, Reuters reported, citing
TicketNews.com. Bruce Springsteen and many of his fans complained when they
were recently directed to purchase tickets at greatly inflated prices on
Ticketmaster’s TicketsNow secondary ticket sales website before all available tickets
to the concerts on Ticketmaster.com were sold out.
A similar investigation into
Ticketmaster’s secondary ticket sales is also underway [...].
– In letters to Congress expressing their support for the proposed merger of
concert promoter Live Nation (NYSE: LYV) and Ticketmaster (NASD: TKTM), several high-profile artists
neglected to mention that they are represented or co-managed by Irving Azoff,
the founder of Front Line Management who also recently became CEO of
Ticketmaster, Hypebot reported. Billy Corgan of Smashing Pumpkins — who also
testified before Congress this week on the Performance Rights Act — as well as
Eddie Van Halen, Seal, and several members of Journey all [...].
– A number of top music artists, including Neil Diamond, Britney Spears, Bon
Jovi, Celine Dion, Billy Joel and Elton John, are partnering with Ticketmaster (NASD: TKTM)
to sell some premium tickets to their concerts on a secondary ticket exchange
for hundreds of dollars more than face value, The Wall Street Journal reported.
Several managers of top artists and Ticketmaster executives told The Journal
that the company "routinely offers to list hundreds of the best tickets
per concert on one of its two resale Web [...].