Exit makes it more likely Madison Square Garden will unload stake
MSG chairman James Dolan has ankled the board of Live Nation, the concert promoter announced Monday.
News follows the resignation late last year of music impresario Irving Azoff, chairman of Live Nation and founder of Front Line Management. According to Wall Streeters, Dolan’s exit makes it more likely the Madison Square Garden Co. will unload its outstanding stake in Live Nation — currently about 3.9 million shares valued at $40 million according to analyst Benjamin Mogil of Stifel Nicolaus.
Azoff is said to be close to MSG and to Dolan, who was named to the board in the summer of 2011. He’s also the CEO of Cablevision.
Live Nation, parent of Ticketmaster, is controlled by John Malone’s Liberty Media, which has been raising its stake in the company.