Next Big Sound (a/o May 24th):
Guess the money really is in touring. Just moments after getting a raise and contract extension, Live Nation CEO Michael Rapino has purchased this $14.75 million mansion compound in the Brentwood section of Los Angeles.
That’s right, compound: according to details and pictures from seller Partners Trust, the 52,399 square foot estate not only includes the stately manor above, it also includes the adjacent home at 975 Oakmont Street as well.
The negotiated price, down from a list of $14.995 million, was first disclosed by the Wall Street Journal. Almost immediately after Live Nation chairman Irving Azoff stepped down with a monstrous, $12 million exit payout, Rapino’s contract was extended and his base salary bumped to $2.3 million.
But that’s just the base: in March of last year, Rapino scored a $4.8 million bonus, with year-2011 earnings topping $11.9 million. That’s a drop from a plum $15.9 million awarded in 2010.
Also according to Partners, the home includes amenities layered on top of amenities. After passing through the 'stunning entry,' the fun begins. Upstairs is the 'spacious and serene master suite' complete with office, dual baths and walk-in closet, not to mention three additional bedrooms that all contain 'en-suite baths'. The tour continues with a playroom, screening room with projector, another office, guest suite, 'expansive laundry room,' and private gym, not to mention a separate guest house. The lot contains 'mature trees,' 'peaceful canyon views,' and a barbecue.
Humperdinker Sunday, February 24, 2013
Don't worry, Bob Lefsetz isn't gonna mention it. They paid him off good.
JacksonL Sunday, February 24, 2013
LOL
Ghost of Rick Ross Sunday, February 24, 2013
Not gettin' it. Isn't this company bleeding money?
AShamed Sunday, February 24, 2013
It's called looting.
"Shareholders Send Live Nation Board A Warning"
June, 2012
An even louder dissent was heard on approval of the company's executive compensation package. As with many corporations, Live Nation allows its shareholders to participate in a vote on executive compensation. While the vote is merely advisory, (read non-binding) it only passed with slightly more than 58% of voting shares.
And it isn't hard to see why shareholders might be dismayed about the company's executive compensation. In the past year, the company's stock has lost more than 20% of its value, closing at $8.78 and has seen a lot of red ink since merging with Ticketmaster, to the tune of $600 million in losses.
At the same time, Live Nation's management team has enjoyed substantial compensation, totaling $36 million in 2011, with most board members receiving about $200,000 in cash and stock, though this figure is slightly lower than the previous year.
http://encore.celebrityaccess.com/index.php?encoreId=362&articleId=42770
n' Stuff Sunday, February 24, 2013
Live Nation Losses
2008: -$239,412,000
2009: -$60,179,000
2010: -$228,390,000
2011: -$83,000,000
2012: ?
Ron Swanson Sunday, February 24, 2013
I see no mention of a heli-pad?
ES Monday, February 25, 2013
some river of nickels
zogg Monday, February 25, 2013
Are you running out of news ,who cares how about talking about getting music people back to work.
Visitor Monday, February 25, 2013
and this is relevant to readers of digital music news because?...
Visitor Monday, February 25, 2013
Because it's interesting.. And I'm a reader too. :)
trew1 Monday, February 25, 2013
"...and a barbeque." Hahahaha! :)
paul Monday, February 25, 2013
Seriously! I took that straight from the property description.
/paul
wrldtrvlr Monday, February 25, 2013
ahmen zogg
Visitor Monday, February 25, 2013
Bought and paid for on the backs of starving musicians.
lifer Monday, February 25, 2013
Sorry guy. This is stockholder money not yours. Plus, anyone being booked by live nation is, by definition, a working musician.
Ticket buyers and stockholders foot the bill. Don't get it twisted.
monikarun Monday, February 25, 2013
So *that's* where my ticket fees go.
Visitor Tuesday, February 26, 2013
This sort of nonsense cheapens your site. I read something about a house that someone has bought and immediately think about looking elsewhere for my news
Visitor Wednesday, February 27, 2013
Though it isn't breaking news per se, it is certainly newsworthy. Knowing that a company that has been losing money for years will still award such extensive bonuses certainly colours my opinion of said company.
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