Azoff resigns as Live Nation chair, sells stake

Topics: From the Wires,

LOS ANGELES (AP) — Irving Azoff, the longtime manager of the Eagles band, is resigning as chairman of concert promoter Live Nation Entertainment Inc. and selling off 1.7 million shares to Liberty Media Corp.

Azoff, 65, will continue to manage the acts that he brought to the company, including the Eagles and Christina Aguilera. Live Nation said in a statement it did not expect Azoff’s departure or the restructuring to have a material impact on its operating results.

The surprise announcement came days after Live Nation extended the term of CEO Michael Rapino for another three years through December 2017.

Liberty Media’s stake in Live Nation will increase to 26.4 percent.

Live Nation shares fell 2 cents in after-hours trading following the announcement, after rising 3.7 percent to close at $9.31 in regular trading.

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Gripping photos: The people of the Turkey protests (slideshow)

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

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