CCE Spinco, the live entertainment division of Clear Channel Communications set to be spun off Dec. 21, will begin its new life under the Live Nation banner.
According to a source, Live Nation refers to the “community of fans, artists, and employees who share the same passions for the live concert experience.” Further details on the new name are expected to be announced later today. The announcement is also expected to outline Live Nation’s new corporate structure as described in an internal memo obtained and first tipped here.
Public trading on Live Nation will likely begin on Dec. 22 under the symbol LYV on the New York Stock Exchange. Clear Channel shareholders will receive one share of Live Nation common stock for every eight shares owned of Clear Channel, which adds up to about 67 million shares.
Live Nation will be the largest concert promotion company in the world, under the direction of president/CEO Michael Rapino. This year the company reported $1.3 billion in grosses to Billboard Boxscore.