Live Nation Entertainment Inc., the world’s biggest concert promoter and ticket seller, fell the most in more than a year after Chief Executive Officer Michael Rapino sold about a third of his shares in the company.
Live Nation declined 4.8 percent to $17.32 at the close in New York, for the biggest one-day decline since Aug. 10, 2012. The Beverly Hills, California-based company has added 86 percent this year.
Rapino’s share sale, his first as CEO of Live Nation, is for estate-planning purposes, Jacqueline Peterson, a spokeswoman, said in an interview. Rapino, who signed a five-year employment contract in December, sold about $11.7 million in shares, according to a filing. Live Nation’s stock edged near a 52-week high of $18.93 when Rapino sold the shares.
Rapino, 48, sold 175,117 shares for $18.59 each on Aug. 9 and 464,883 for $18.19 each on Aug. 12, according to the filing.
The stock sale accounts for about 7 percent of Rapino’s overall holdings, including options, Peterson said. The CEO has more than 1 million shares and options for 3 million shares, according to filings.
Board members Ari Emanuel, co-CEO of William Morris Endeavor Entertainment, and Mark Shapiro, an executive producer at Dick Clark Productions, also sold shares, according to filings. Shapiro sold about 27,000 shares on Aug. 8 for about $501,000, according to filings. Emanuel sold 26,682 for $501,622 on the same date.