LOS ANGELES — Barry Diller, the media mogul who claimed credit for the January merger of Live Nation and Ticketmaster, will resign as chairman of the merged company after a boardroom power struggle with another media giant and director, John Malone, according to a person with knowledge of the situation.
Live Nation’s stock has plummeted this year after a disastrous summer concert season. Shares are down 41 percent from a high of $16.90 in late April, trading late Wednesday at $9.97.
The troubles were brought to light at an investor meeting in July, when the company said its adjusted operating income for 2010 was expected to be $405 million, down from $445 million last year.
Diller owns less than 1.5 percent of the stock outstanding, compared with Malone’s Liberty Media, which owns 14.3 percent, and there was growing resentment at the outsized role Diller was playing in running the company, the source said.
Malone and Diller’s dislike for each other also played a role in Diller’s resignation, the person said. The Associated Press
