Live Nation CEO Earns $15.9 Million in 2010
Despite the concert promoter’s falling operating income, Michael Rapino was compensated more than twice what he received in 2009.
Despite falling operating income, concert promoter Live Nation compensated its CEO with $15.9 million in 2010, more than twice what he earned a year prior, as the company’s stock rose 34 percent.
Michael Rapino’s base salary was $2 million and he was paid a $3 million bonus for completing the merger with Ticketmaster. He also earned $3.8 million by way of a non-equity incentive plan, according to a regulatory filing Friday.
Rapino was paid $87,000 for an automobile allowance, medical exam and other expenses and the rest of his compensation came via stock and options.
While Live Nation shares rose from $8.51 to $11.42 in 2010, they’ve fallen to $9.87 as of Friday. In February, the company reported revenue had sunk 9 percent in 2010 and operating income of $103.2 million in 2009 had turned to a loss of $20.8 million in 2010.
Live Nation also said Friday it paid Irving Azoff, its executive chairman and chairman of the board, $22.8 million, including a $2 million bonus for the Ticketmaster merger and an additional $3 million bonus. A large chunk of Azoff’s compensation came courtesy of his interest in Front Line, the artist management company that was purchased by Ticketmaster in 2008.