HITS Daily Double

Irving Steps Down story teaser

AZOFF VENTURES OFF: Irving Azoff will step down as Chairman of Live Nation Entertainment and CEO of Front Line Management, effective immediately, it was announced today. The Wall Street Journal reports that Azoff received $12 million in cash, $2m in shares and $666,000 in stock options in the deal and cites sources who claim he’ll take a portion of the management concern with him, including such top clients as The Eagles and Christina Aguilera. Meanwhile, massive speculation surrounds an impending wholesale exit of artists represented by Front Line. Many key artists and managers associated with Front Line don’t have contracts with the company. Considerable chatter also surrounds Azoff’s future plans--look for him to raise financing and start buying companies in the entertainment sector. Want more details? Check out our lead story. (12/31p)