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NEW YORK – Amid declining ticket sales, concert giant Live Nation Entertainment has replaced global music chief Jason Garner with a trio of executives, the Wall Street Journal reported.
The new troika has a deep background in the business and will have regional responsibilities and a mandate to reduce costs, it said. Veteran promoters Mark Campana and Bob Roux will divide the North American market, while Rick Franks will oversee strategy for concert tours.
According to the Journal, the change signals that Live Nation will likely strike more deals on a show-by-show basis instead of paying big amounts to secure the right to promote most or all the shows on lengthy tours as it did before. Many in the industry blame such broad deals for increasing costs and ticket prices. However, superstars, such as U2 and Madonna, will still likely get entire tour offers, according to the Journal.
“The economy has impacted our industry in 2010 and it looks like it will be another factor in 2011,” Live Nation CEO Michael Rapino wrote in an internal memo Wednesday that the Journal obtained. “So we need to focus on the right acts in the right markets with the most efficient organization.”
IAC boss Barry Diller recently decided to step down as chairman of Live Nation amid board clashes.
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