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Diller Steps Down As Live Nation Chairman

Reuters, Wednesday, September 29, 2010 11:13 PM

IAC/InterActiveCorp Chief Executive Barry Diller has stepped down as chairman Live Nation Entertainment after a brief and controversial reign as chair of the struggling concert promoter and ticketing company. Diller became chairman of the group following the February merger of Live Nation and Ticketmaster Entertainment, the leading ticketing company in which he had a stake through IAC.

At least one major Live Nation shareholder had initially expressed concern that Diller would be lead the merged company's board. Sam Shapiro, chairman of Atlanta-based Shapiro Capital Management, which holds around 6% of Live Nation's outstanding shares, was eventually convinced by management to reverse his early opposition to the merger. Shapiro said he had been concerned by what he described as Diller's poor record of providing shareholder returns as CEO of IAC.

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