LOS ANGELES (CelebrityAccess) — Live Nation president and CEO Michael Rapino is close to sealing the deal on a new contract that would see him continue in his current role at the company through 2022, according to a report by Amplify.
Live Nation renewing with Rapino would not be a surprise to anyone. He has overseen a period of remarkable success and expansion for the promoter-giant that includes key acquisitions such as ticketing giant Ticketmaster, EDM event producer Insomniac, and Bonnaroo festival producer AC Entertainment. He's also led the company's international expansion in multiple markets around the world, including a stake in Australia's Secret Sound Festival, Italian promoter Vertigo and John Gidding's Isle of Wight festival.
Rapino has also led the company from a major producer of red ink to a profit-making machine, with the company's stock value reflecting that change. As Amplify noted, Live Nation is currently trading at near record highs after peaking at $45.34 late last month.
The news of new deal also comes after Rapino divested a substantial portion of his Live Nation shares and stock options, including both vested and unvested shares/stock options. Since mid-November, Rapino has divested 980,000 shares worth roughly $43.8 million in what Live Nation's CFO Kathy Willard described as a diversification of Rapino's portfolio.