Diller announced his resignation at a board meeting
on Tuesday, effective as of the next meeting, said the person. News of the
resignation was earlier reported by The Hollywood Reporter. Live Nation
Entertainment Inc.'s stock has plummeted this year following a disastrous
summer concert season. Since hitting a high of $16.70 in late April, shares are
down 41 percent, closing Tuesday at $9.85. The troubles were brought to light
at an investor meeting in July, when the company said its adjusted operating
income for 2010 was expected to be $405 million, down from $445 million last
year, despite the benefits of its merger. That day alone chopped 11 percent off
the shares. Diller owns less than 1.5 percent of the stock outstanding compared
to Malone's Liberty Media Corp., which owns 14.3 percent, and there was growing
resentment at the outsized role Diller was playing in running the company, the
person said.
