Jay-Z Ripping Apart Live Nation
There might be a bit of trouble brewing over at Live Nation. According to the Wall Street Journal after giving Jay-Z 150 Million, Michael Rapino the chief exec for the company wants to slow down deal making to make sure these deals are making a profit. While chairman & concert promoter Michael Cohl, wants to quickly strike deals with as many as 15 more artists. Live Nation’s stock price, which has fallen more than 44% since its first big deal and with the ever changing music industry Rapino wants to play it safe.
The battle that has played out in recent weeks was complicated by Mr. Cohl’s threat to take with him stars he says he brought to Live Nation over the years, including the Rolling Stones and U2. People familiar with the matter say Mr. Cohl also said he would buy back Concert Productions International Inc., which he sold to Live Nation last year for $123 million in stock and $10 million cash. People close to the company say he has no contractual right to buy back the business.
This sort of reminds me of when CMB disbanded. Rock A Bye Baby
