Live Nation (LYV) just concluded a round of boardroom intrigue by shoving out executive Michael Cohl, who had been spearheading the company's transition from concert promoter to full-fledged music company. The WSJ, which has been doing an excellent job of covering the story, has details ($), but here's the short version:
Mr. Cohl had been at odds for weeks with Chief Executive Michael Rapino over how aggressively to pursue the company's strategy of striking so-called 360 deals with superstar music artists, in which the company offers massive cash advances in exchange for financial participation in a range of revenue streams including concert tickets, recorded-music sales and merchandise-licensing deals. As head of the Live Nation Artists unit, Mr. Cohl oversaw such deals with Madonna and Jay-Z, who were pledged $120 million and $150 million, respectively.
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