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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.
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