Live Nation, formerly known as Clear Channel Entertainment, will be moving its headquarters to Los Angeles and terminating about 300 full-time employees, according to a filing with the Securities and Exchange Commission.
The move is occurring because Live Nation CEO Michael Rapino is based in L.A. CCE was previously based in Houston.
The lay-offs are a result of the company’s ongoing reorganization.
Live Nation was officially spun off from Clear Channel Communications on Wednesday (Dec. 21). Investors received one share of Live Nation stock for every eight shares of Clear Channel stock they owned.
Live Nation shares closed yesterday (Dec. 22) down 25 cents, at $10.60. Clear Channel stock closed up 79 cents, at $31.72.