In a move that reflects the growing influence of Liberty Media in Live Nation Entertainment, the LNE Board of Directors of Live Nation Entertainment today appointed Greg Maffei as the non-executive Chairman of the Board. Maffei is President and Chief Executive Officer of Liberty Media Corporation and has served on the Live Nation Board of Directors since February of 2011.
With the recent purchase of the Madison Square Garden Company’s 1.7 million shares, Liberty’s stake in Live Nation Entertainment is now 27%.
“Greg brings years of experience and business acumen that will continue to be a valuable asset as our team executes on the three-year plan, driving profitability and shareholder value,” said Michael Rapino, president/CEO of Live Nation, in a statement.
“Michael and his team have made Live Nation the most pervasive brand in live entertainment,” added Maffei. “I look forward to further collaboration with Michael and my fellow board members.”
Maffei, who joined Liberty Media as CEO-elect in 2005 and became CEO in 2006, follows Irving Azoff, who resigned from the LN chairman position on Dec. 31. Maffei has also served as President and Chief Executive Officer of Liberty Interactive since May 2007. Previously, he has served as President and Chief Financial Officer of Oracle, Chairman and Chief Executive Officer of 360networks, and Chief Financial Officer of Microsoft.