Live Nation Names Liberty Media CEO Greg Maffei Chairman

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Liberty is the live-event giant's biggest shareholder, with a stake of more than 26 percent.

Liberty Media president and CEO Greg Maffei is the new chairman of concert promoter Live Nation Entertainment.

The company said its board has appointed the experienced dealmaker to the post of nonexecutive chairman. Maffei has served on the Live Nation board since February 2011.

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Liberty is Live Nation's biggest shareholder and controls a stake of more than 26.4 percent in the live-event giant.

Maffei's appointment comes after the departure of former chairman Irving Azoff. The veteran music talent manager stepped down at the end of 2012. He was chairman since 2011, when he replaced Liberty Media chairman John Malone.

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"Greg brings years of experience and business acumen that will continue to be a valuable asset as our team executes on the three-year plan, driving profitability and shareholder value," said Live Nation president and CEO Michael Rapino.

Added Maffei: "Michael and his team have made Live Nation the most pervasive brand in live entertainment. I look forward to further collaboration with Michael and my fellow board members."

Maffei joined Liberty Media as CEO-elect in November 2005 and became CEO in February 2006.

Twitter: @georgszalai