March 15 (Bloomberg) -- Live Nation Entertainment Inc., the biggest concert promoter and ticket seller, said its board named as chairman Greg Maffei, chief executive officer of Liberty Media Corp.
Maffei has served on the board since 2011, Beverly Hills, California-based Live Nation said yesterday in a statement. Liberty Media is Live Nation’s biggest shareholder, with 52 million shares, or 27 percent of the stock.
Maffei, 52, replaces Irving Azoff, who stepped down in December to start a new business representing artists. Azoff helped forge the 2010 merger that combined Ticketmaster with Live Nation. Liberty Media yesterday purchased 1.7 million Live Nation shares held by Madison Square Garden Co. to reach the current total.
Live Nation rose 1.6 percent to $11.88 yesterday in New York. The stock has gained 28 percent this year. Class A shares of Liberty Media, based in Englewood, Colorado, gained 0.9 percent to $110.90.
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