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Live Nation Entertainment pays out millions in bonuses after merger is approved
According to documents filed last week with the Securities and Exchange Commission (SEC), Irving Azoff, Michael Rapino and other top executives with the newly formed Live Nation Entertainment will be paid millions of dollars in bonuses as a result of the merger between Live Nation and Ticketmaster.
Rapino, who retains his previous title as president and CEO of the new company, was paid a $3 million bonus, and Azoff, who was CEO of Ticketmaster Entertainment but is now executive chairman of Live Nation Entertainment and CEO of its Front Line Management division, was paid a $2 million bonus.
Live Nation executive vice president and Chief Financial Officer Kathy Willard also received a $1 million bonus as a result of the merger, and Live Nation executive vice president and general counsel Michael Rowles received a $500,000 bonus.
Both Rapino and Azoff will be paid annual salaries of $2 million, not including yearly bonuses that will also reach seven figures.
But the 62-year-old Azoff, one of the music industry's shrewdest and most influential executives from the past two-plus decades, is the big financial winner from the merger, landing an additional $36.4 million paid to his family trust, a deal he worked out with Ticketmaster before the merger.
"After an initial payment of approximately $1.7 million on February 1, 2010, the outstanding principal amount of the note will be approximately $34.7 million and the note will vest and pay equal monthly installments of approximately $835,000 on the first day of each month beginning on March 1, 2010 through and until October 1, 2013," stated the SEC document that breaks down the Azoff deal.
"In the event of a termination of Mr. Irving Azoff’s employment with Live Nation without 'Cause' or for 'Good Reason' or due to death or 'Disability' (each as defined in Ticketmaster Entertainment’s employment agreement with Mr. Azoff), the note immediately will vest and the balance of the note will be due and paid in a cash lump sum. Upon any other termination of Mr. Azoff’s employment, the Azoff Family Trust of 1997 will forfeit the balance of the note," the SEC document added.
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Good to see our government continuing the bad behavior so popular with Wall St and the Banking industry. The top clowns make millions and everyone else worries about being fired.
LiveNation offers no value, they are simply a big bully. Same for TM. I am going to go out on a limb and say there will not only not be a savings in this deal, it will end up being one of the worst long terms moves in decades.
except for Azoff - where is the reporting on what people at TM made off the deal?????
A year ago Michael Rapino got on a Wall Street analyst call and stated that the combined company would realize $40 million of synergy cost savings through the merger. Apparenttly, right after the merger closed Azoff then turned around and said to Rapino: "Thank you, Michael. I'll take all that for myself! BUt for your generosity, I'll throw in a coupl of million for you, too. Just cuase you're so generous to me."
Watch out Michael, Diller, John Malone and Azoff are about to eat your lunch!!
Would be nice if the folks on the ground were getting a share of all this bounty. A good number of Live Nation employees have been on a pay freeze for over a year now. Rapino, $3 million...and I can't get a 20c raise? Such a crock.
The people actually doing all the hard work on the front of the line get nothing-GO CORPORATE AMERICA.
All Live Nation employees are being laid off anyway.
One can assume the convenience fees will be taking another hike, so they can pay those bonuses. Can just envision Azoff and Rapino telling shareholders, were worth it, just raise convenience fees, if the fools want to see that drugged out artist enough, they will pay. Ticketmaster is Azoff's field of dreams, rip them off they will keep coming.
Azoff got 34mil for his oscar winning performance in front of the senate. Rapino got a fraction of that and now has to do all the work while Irving plays figurehead. Who's the smart one?