Live Nation is a company renowned for its breathtaking financial losses, wildly-overpaid executives, monstrous debt, hostility towards consumers, and overbearing bureaucracy. Which might explain why a legendary executive like Irving Azoff took a walk after just two years after “begging to get out” for more than one of those.
But Azoff also dumped a Live Nation stock that curiously started ascending the minute he left, thanks partly to a recovering concert market, a less-depressing economic environment, a big purchase by Liberty Media, and a surprising level of ‘enthusiasm’ on Wall Street.
Here’s what the stock has been doing since late-December, when Azoff announced his departure. Azoff ostensibly dropped the holdings and quit before the end of the year for tax reasons.
All of which means that as of late June, Azoff’s ‘tranche’ of options and shares have now elevated by nearly $19 million (and maybe, counting). And here’s the painful math:
On December 31st, Azoff dumped more than 1.82 million shares at $8.24.
That was part of a broader year-2012 sell-off of about 2.6 million shares at an overall average price of $8.44.
At the closing bell on Thursday, LYV finished at $15.63. So, $15.63 – $8.44 = $7.19.