Live Nation Entertainment Inc. said on Friday that director John Malone has been named chairman, and confirmed that former Chairman Barry Diller has stepped down.
Diller’s planned exit was widely reported last month. Live Nation said Diller made his resignation official at a board meeting on Thursday afternoon.
Diller oversaw the merger of ticket seller Ticketmaster and Live Nation, the world’s largest concert promoter. But he had clashed with Malone over the direction of the combined company.
Live Nation Entertainment said Malone has agreed to be interim chairman while the combined company seeks a new chairman. Malone’s Liberty Media Corp. owns some 14 percent of the company.
Live Nation shares rose 40 cents, or 4.2 percent, to close at $9.73. They rose another 45 cents, or 4.8 percent, to $9.78 in aftermarket trading.