Live Nation merged with Ticketmaster in 2010 and represents around 70% of all live tickets sold in the United States. Ticketmaster should look in the mirror and say, Im the problem, its me,saidSenator Richard Blumenthal (D-CT), making a play on Taylor Swift lyrics. LIVE NATION ENTERTAINMENT - Salary.com . Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Influential shareholder advisory groups Institutional Shareholder Services (ISS) and Glass Lewis recommended shareholders vote against Live Nations executive officers compensation, citing a misalignment between pay and performance in the structure of certain stock equity grants. UPDATED: Live Nation CEO Michael Rapino posted an open letter to employees across the world promising greater diversity in the years to come, along with a $10 million investment . Bailey Zimmerman & Parmalee Add Country Airplay Top 10s, Tencent Music Entertainment's 7% Gain Leads Music Stocks Thi Billboards Latin Power Players Choice Award: Vote for Bailey Zimmerman & Parmalee Add Country Airplay Top 10s, Luke Combs Doubles Up in Top 3, Tencent Music Entertainments 7% Gain Leads Music Stocks This Week, Billboards Latin Power Players Choice Award: Vote for the Most Impactful Executive (Finalists), Conservatives Tendency to Buy Downloads Could Send Rich Men North of Richmond to No. . Live Nation CEO Michael Rapinos total compensation package rose to $139 million in 2022, up from $13.8 million the previous year. Variety and the Flying V logos are trademarks of Variety Media, LLC. He also will receive a $6 million signing bonus, and several time-based RSUs. Since then, the company has faced pushback from lawmakers over its merger of Ticketmaster and Live Nation and is said to be undergoing an investigation by the Department of Justice. Live Nation CEO Michael Rapino Inks Rich New 5-Year Contract Extension. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. All Rights Reserved. Live Nation CEO Michael Rapino will forgo most of his 2020 salary "in light of the evolving circumstances relating to the coronavirus," the live events company said in an SEC filing Monday.The . LIVE NATION ENTERTAINMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. $0 was received in stock options, Rapino's compensation included a base salary of $3. display: none !important; Part-time. . In a rare investor reproach for Live Nation, at the companys annual meeting held earlier in June, a majority of its shareholders voted against ratifying chief executive Michael Rapinos $139-million pay package for 2022. Such pay levels on a one-time basis outpace total compensation levels afforded executives at some of the largest companies in the U.S. despite being subject to considerably weaker vesting and performance conditions., A daily briefing on what matters in the music industry. The information shown here is a reporting of information included in the company's proxy statement. 2023 Billboard Media, LLC. A daily briefing on what matters in the music industry. View job. Stream with NOW; Get Sky Sports; Twitter; Facebook; Sky Sports (Rapino's $3 million salary isn't his total compensation. 04/13/2020 Live Nation CEO to Forego Salary as Company Taps Cost-Cutting Measures With the live events industry facing an uncertain future, Live Nation president/CEO Michael Rapino. His total yearly compensation is $139.01M , comprised of 2.2% salary and 97.8% bonuses, including company stock and options. 06/20/2023 Live Nation Shareholders Vote Disapproval of CEO Michael Rapino's $139M Pay Package More than 53% of votes cast rejected 2022 compensation packages for Rapino and other top. However, Rapino managed to keep investor confidence high for the companys return to health, and its stock even hit a record high of $89.81 per share last month. Live Nation CEO Michael Rapino's Total Pay Jumps to $139M in 2022 The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Live Nation CEO to Forgo $3 Million Base Salary, Execs Take Pay Cuts $116,741,758 was awarded as stock UPDATED: While multiple outlets, including Variety, reported last April that Live Nation CEO Michael Rapino was foregoing his $3 million salary for all of 2020 due to the pandemic and its devastating effect on the live-entertainment industry and the company, according to SEC filings, he did so for less than two months. Live Nation officials wrote in the companys 2022 annual report that it expected liability insurance (would) provide sufficient coverage, for its legal bills but noted that the cost to the company would not be fully realized until after investigations into the festival were concluded and civil suits involving the case had been settled. You can browse through all 1,473 jobs Live Nation has to offer. Rapino signed a new agreement with Live Nation to continue his employment through 2027. President Joe . Board of Directors in LIVE NATION ENTERTAINMENT. Unfortunately Not Very Much (Updated for 2023), How Much Does Spotify Pay Per Stream? A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. The filing also notes that Rapino received$216,000 in travel costs and allowances (includinga $75,000 automobile allowance and $141,000 for private air travel) for a total 2020 compensation of $1.89 million. We believe that the fiscal year 2022 compensation paid to our named executive officers was appropriate and aligned with Live Nations fiscal year 2022 results, the company stated in its proxy, citing the companys 44% growth in revenue to $16.7 billion in 2022. Live Nation cuts exec pay, CEO forgoing salary All Rights Reserved. Michael Rapino has led Live Nation Entertainment as the Chief Executive Officer and President since 2005. Additional cost reduction efforts include hiring freezes, reduction in the use of contractors, rent re-negotiations, furloughs, and reduction or elimination of other discretionary spending, including, among other things, travel and entertainment, repairs and maintenance, and marketing. He did not receive a bonus or stock rewards. 1, Second YouTube Fraudster Sentenced to Nearly 4 Years in Prison for $23M Royalty Scheme. Live Nation president and CFO Joe Berchtold received 22,279 shares as a bonus but donated 10,000 of those shares to a donor-advised charity fund. Live Nation Entertainment's CEO is Michael Rapino, appointed in Aug 2005, he has a tenure of 17.67 years. Michael Rapino made $139,005,565 in total compensation. The US Economy Can't Sustain Its Red-Hot Pace, Right? The news pushed the companys stock price to new heights, hitting $126 per share on Feb. 26, up 375% from April 2020 when the share price crashed to $33.57 a share. The companysnext earnings report is on May 6. Rapinos salary is pretty comparable to other chief executives in the travel industry, which also faced dramatic revenue dips as a result of the pandemic: Alaska Air Group chief executive Brad Tildens adjusted total compensation in 2020 was $3.2 million, down from $5.5 million in 2019, a more than 40% cut. In the wake of the steep challenges the live-entertainment industry faces due to the coronavirus pandemic, Live Nation CEO Michael Rapino will forego his 2020 salary and senior executives will see . 1017 Records Owner Eyes Viral Rich Men North of Richmond Artist To Kick Off Wider Country Expansion, Did Bruce Springsteen Cancel His Philadelphia Shows Because of Low Ticket Sales? Our Latest Podcast, Z-Trip: How Americas Best DJ Pushes the Boundaries of Creativity, Peanut Butter Wolf: After 20 Years, the Ringleader of Stones Throw Records Is Proud and Thankful, DJ Nu-Mark: The Producer With Two Turntables and a Drum Machine, Joe Karnes and Jeremy Ruzumna of Fitz and the Tantrums: Finding Your Style, Jack Wildchild Brown and Miles Brown: Funk, Family, and Creative Excellence, Canadian Music Week 2023: From the Latest In AI to Combating Streaming Manipulation and Fraud, A2IM IndieWeek 2023: Music Industry Leaders Talk AI, Sync, Music Marketing, and More, Exclusive: Second MediaMuv Scammer, Webster Batista Fernandez, Officially Sentenced for Role in $23 Million Scheme, Jungkook Beats BTS with More Monthly Spotify Listeners On the Strength of a Single Song, Kid Cudi Unlocks Pre-Orders for Upcoming Album Insano, Is Gucci Mane Signing Oliver Anthony? April 13, 2020 @ 8:07 AM. In December, just six weeks after Astroworld, rapper Drakeo the Ruler was murdered backstage at a Live Nation festival in L.A. 18 days ago. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. Live Nation CEO Earns $139 Million in Year of Concert Outrage, Photographer: Patrick T. Fallon/Bloomberg. Variety and the Flying V logos are trademarks of Variety Media, LLC. The vast majority of their compensation came in . Now Congress is considering theTICKET Act, which would force services like Ticketmaster to disclose fees upfront in all advertising. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Live Nation CEO Michael Rapino Scores Rich New Contract - The Hollywood In 2021, the company saw more fans attend outdoor events during the third and fourth quarters than during the same period in 2019, which itself was a record year for Live Nation. Sign up for THR news straight to your inbox every day. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Live Nation CEO Michael Rapino will forgo most of his 2020 salary "in light of the evolving circumstances relating to the coronavirus," the live events company said in an SEC filing Monday. Artists are back on the road and fan demand has never been stronger, a reflection that live events remain a clear priority for consumers as our social lives restart.. Michael Rapino | Age, Wiki, Bio, Net worth, Wife, Gossip, Family, Instagram Rapinos salary remains unchanged from his last contract at $3 million per year, but the annual target cash bonus is being bumped from $6 million per year under the prior deal to $17 million per year under the new deal. Live Nation Shareholders Vote Disapproval of CEO's Pay Package - Billboard As President, Chief Executive Officer and Director at LIVE NATION ENTERTAINMENT, Live Nation merged with Ticketmaster in 2010 and represents around 70% of all live tickets sold in the United States. For its 2022 fiscal year, LIVE NATION ENTERTAINMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Rapino also reported that sponsorship and advertising operating income reached the same levels for the second half of 2021 as 2019 and that fourth-quarter ticketing revenue jumped 118%, while sponsorship income rose 37%. On top of that, Rapino receivedanother $216,000 in travel costs and allowances includinga $75,000 per year automobile allowance and $141,000 for private air travel for a total of $1.89 million. Michael Rapino, chief executive officer of concert promoter Live Nation Entertainment Inc., earned $139 million in 2022, a record year for the company that also saw management criticized for . Live Nation CEO Michael Rapino is set to collect $10.5 million in stock as part of his annual performance bonus after hitting certain financial goals, defined by the companys Compensation Committee, according to a filing with the Securities and Exchange Commission on Friday (March 4). Rapino has been CEO since he launched Live Nation in 2005, after Clear Channel sold off the concert and sports units it had acquired from SFX founder Robert Sillerman (who had also acquired Rapinos concert promotion company) five years earlier. Michael Rapino, chief executive officer of concert promoter Live Nation Entertainment Inc., earned $139 million in 2022, a record year for the company that also saw management criticized for high ticket prices and operational snafus. Michael Rapino, President and CEO of Live Nation. All salary reductions were eliminated on April 16, 2021.. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Read Next: Zach Bryan Reveals Kacey Musgraves and Lumineers Make Featured Appearances on Imminent 16-Track Album, Original Pavement Drummer Gary Young Dies at 70, David Byrne Regrets Talking Heads Bitter Split: I Was a Little Tyrant, In Praise of Short Albums: Why the Brutal Criticism of Olivia Rodrigos New Albums Length Makes No Sense, Live Nation CEO Michael Rapino was foregoing his $3 million salary for all of 2020, Box Office: Blue Beetle Stumbles With $25 Million Debut, Ends Barbies Four-Week Streak, Christopher Nolans Oppenheimer Surpasses $700 Million Globally, Taika Waititi Reveals What Hed Do With a Hypothetical Thor 5: New Worlds, Outlandish Monsters and an Enemy Stronger Than, Britney Spears Speaks Out After Divorce News: I'm Not Here to Explain Why Because Its Honestly Nobody's Business, How Ron Cephas Jones Vulnerability and Masterful Acting on This Is Us Helped Me Forgive My Father Before His Death, The Paul of 1960s Pop Duo Paul & Paula, Ray Hildebrand, Dies at 82, 'Winning Time': Michael Chiklis and Sean Patrick Small Talk Bringing Humanity to Larry Birds Villain Origin Story, Michael Cera Personally Emailed Greta Gerwig to Be Cast in 'Barbie,' She Responded: 'Let's Get on a Zoom Right Now', Only Murders in the Building: How Alfred Hitchcock Inspired Mabel's Season 2 Look, 'House of the Dragon' Production Designers Worked With Authorities to Make Spain Look Less Clean Without Changing Stonework, This Is an Existential Threat: Will AI Really Eliminate Actors and Ruin Hollywood? Live Nation is the worlds largest live-entertainment company. and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). For Now, GOP Presidential Hopeful Ramaswamy Sued Over Strives Practices, Five Ways the Feds Deflation Playbook Could Be Improved, World Banks Decision To Pause Ugandas Funding Spurs Questions on Decision Process, Lionesses Urged to 'Roar to Victory' as Nation Unites Behind Them, Indonesia Will Ease Solar Power Rules to Unlock Green Investment, Biden to Visit Hawaii in Stepped-Up Response to Disastrous Fires, NYC Congestion Pricing Board Tackles Tough Job of Deciding Wholl Be Exempt, Maui Wildfires Show That Risk Is Ubiquitous Now, One of the Worlds Most Expensive Cities Is Finally Getting a Metro, Bitcoin Extends Losses as Global Jump in Bond Yields Deters Dip Buying, Crypto Startup Aims to Tokenize Stocks by Playing by the Rules, Sam Bankman-Fried Wants Weekly Jail Release to Prepare Defense Case. The executive also earned a $12 millionannual cash performance bonus for 2022 and stock awards of $116 million, some of which vest in early 2024, while others vest in four installments through 2027 if the company reaches certain stock price targets. The news was first reported by Billboard. At Live Nation, we need to be as diverse as the fans and artists that we serve. This information is according to proxy statements filed for the 2022 fiscal year. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. His base salary is $3 million, a bump up from his base salary of . Michael Rapino - President and Chief Executive Officer of Live Nation Entertainment According to the documents, the performance RSUs will be based on Live Nations stock price. CEO pay continues to outpace the pay of working people across the country. That earned him a $6 million signing bonus. Michael Rapino | Live Nation Salaries for all employees at Live Nation including Rapino, Berchtold and Willard have been restored to 100% of pre-pandemic levels, Live Nation officials confirmed to Billboard, and thecompany is bringing employees back from furlough and hiring for new and backfilled roles regionally in preparation for the return of live music. Live Nation has had a rebound year as live concerts and other events returned to a post-pandemic normal. nine = three .hide-if-no-js { 2023 The Hollywood Reporter, LLC. Rapino signed a new agreement with Live Nation to continue his employment through 2027. While Rapinos annual salary holds at his previous $3 million per year, the annual target cash bonus is climbing from $6 million to $17 million per year. WORK WITH EQUALITY. At the same time, concert attendance has been on the rise, as has the companys revenue. in the last 10 years Live Nation has invested over $45 billion to pay artists and promote their shows, and the company . Live Nation Inks CEO Michael Rapino to New Multi-Million - Variety The current structure could reward these executives for short-term or merely temporary increases in stock price, ISS researchers wrote, adding that the large one-time equity grants paid were multiple times larger than the total CEO pay for the companys peer grouplack clear disclosure regarding the rationale for the size of the awards and other details necessary to assess them.. Coronavirus Tips Working and Protection, For its 2022 fiscal year, LIVE NATION ENTERTAINMENT, listed the following executives on its annual proxy statement to the SEC. Meanwhile, Ticketmaster tacks on additional fees between 40-50% of the base ticket price that customers pay. Highest-Paid CEOs | AFL-CIO The (bonuses) are not subject to any performance or recoupment provisions, Glass Lewis researchers wrote. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov Live Nation Entertainment Senior Accountant Reviews | Glassdoor pay has. Hear the latest economic, business and market news, as well as global, national, and local news. 2023 Variety Media, LLC. The number of fans attending events still isnt quite back to 2019 levels, but the pent-up demand means that the company is extracting more per customer than it did before. $18,000,000 was received as a bonus, Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. In the wake of the steep challenges the live-entertainment industry faces due to the coronavirus pandemic, Live Nation CEO Michael Rapino will forego his 2020 salary and senior executives will see . Share on Social Media. His salary was reinstated at 50% as of June 1, and dipped it down to 40% on Sept. 16. Its AOI of $209 million topped the previous record, Q1 of 2019, by $94 million, and was $361 million better than 2021 when the industry had not yet begun to emerge from the pandemic with a boost of $269 million in ticketing, $66 million in sponsorship and $26 million in concerts. Despite layoffs and furloughs, Live Nation weathered the pandemic remarkably well for a company based on large public gatherings, due in no small part to Rapinos strong leadership. Live Nation also faced scrutiny for the deadliest accident to ever happen at one of the companys festivals following the deaths of 10 concert goers at Travis Scotts Astroworld Festival in Houston on Nov. 5. Live Nation CEO Michael Rapino is set to collect $10.5 million in stock as part of his annual performance bonus after hitting certain financial goals, defined by the company's Compensation. In Q1 it recorded revenue of $1.8 billion, up from $290 million in the same quarter a year earlier. including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. These pay bumps come after a rocky year for the company. While the industry is hardly back to its pre-pandemic levels many lower-level tours and festivals are showing lower-than-hoped-for attendance, due partially to Covid caution but possibly more to the challenging economic climate: Ticket prices are as high as ever, to the benefit of Ticketmaster, which is owned by Live Nation. Glass Lewis also raised concerns over cash signing bonuses of about $6 million received by Rapino and Berchtold. In contrast, 94% of the votes cast at its 2020 shareholder meeting were in favor of the say-on-pay proposal, according to Live Nation. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. Michael Rapino Michael Rapino is a Canadian-American business executive and the Chief Executive Officer and President of Live Nation Entertainment, Inc, which was formed in 2010 following the merger of Live Nation and Ticketmaster. That earned him a $6 million signing bonus. It seems the companys board deemed circumstances warranted restoring compensation at around the same time the company was hit with second and third rounds of layoffs and furloughs, in May and September. Live Nation CEO Michael Rapino 's total compensation package rose to $139 million in 2022, up from $13.8 million the previous year. Paul Feig Remembers Friend Who Was Killed for Displaying Pride Flag: This Intolerance Has to End, Elon Musk Suggests Block Button May Be Next Feature on the Chopping Block at X, Hallmark Expands Into Scripted Podcasting With Crimson Hearts Collide, Staffers at Video Game Studio Workinman Interactive File to Unionize Under IATSE in Historic Move, Simon & Schuster Release Taylor Swift Fan Journal to Help Ease Swifties' Eras Tour Withdrawal, Where to Get Last-Minute Tickets to Taylor Swift's 'Eras Tour' Concerts in Mexico City, Things We Lost in the Fire: A View from the Writers Strike Line, Studios Make Latest Offer to Writers Guild, Negotiations to Resume Next Week, AI-Created Art Isnt Copyrightable, Judge Says in Ruling That Could Give Hollywood Studios Pause, Disney Doubles Down on Florida Litigation Against Ron DeSantis Board as Governor Signals White Flag, The Nun Actress Sues Warner Bros. in Breach of Contract Lawsuit Over Merchandise Revenue, These Cooling Eye Masks Beloved by Jessica Alba Have More Than 10,000 Five-Star Reviews Online, Timexs Sold-Out Pan Am Waterbury Watch Is Back In Stock, The Best Sleep Tips and Snooze-Friendly Products Inspired by the Worlds Dreamiest Wellness Retreats, The Best Travel Hacks From Flight Attendants and Hollywoods Fashion Insiders, From Under-$200 Luggage to Wardrobe Essentials, Painkiller Author on the 20-Year Road to a Netflix Hit and Why He Doesnt Expect Richard Sackler to Watch, Annette Bening on Meeting a Dire Moment, From Hollywood Strikes to Attacks on LBGTQ Rights, The Definitive Voice of Entertainment News. His base salary is $3 million, a bump up from hisbase salaryof $2.1 million in 2021after a pandemic reduction. Live Nation CEO to Forego Salary as Company Taps Cost - Billboard }, 9 one = .hide-if-no-js { Live Nation CEO Michael Rapino Gives up Salary, Top Execs - Variety Meanwhile, Live Nation blames ticket scalping (which it participates in) for high ticket prices. Similar to past contracts, 90% of Rapinos total compensation is tied to continued growth and delivery of shareholder value. His base salary increased slightly to $1.3 million from $1.1 million, and he also earned a signing bonus of $6 million and an annual cash performance bonus of $2.5 million. Fridays shares are valued at $114 per share based on the companys most recent closing price, with about $5.3 million worth of shares (46,272 shares) vesting by May 10 and equal amount vesting by Aug. 16. Work at LN - Live Nation Entertainment Thorough reviews have been conducted to assure this data accurately reflects disclosures. President, Chief Executive Officer and Director. Rapino oversaw Live Nations merger with Ticketmaster in 2009, creating Live Nation Entertainment, which is the largest live-entertainment business in the world. The deal includes a significant increase in compensation for Rapino, with an annual target payday of $30 million if performance metrics are met (the actual number could be higher or lower, depending on the companys performance). Senior Accountant professionals rate their compensation and benefits at Live Nation Entertainment with 3.3 out of 5 stars based on 45 anonymously submitted employee reviews. This site is protected by reCAPTCHA Enterprise and the Google. display: none !important; Live Nation CEO Earns $139 Million in Year of Concert Outrage The companys general counsel Michael Rowles received 14,139 shares as a bonus, while executive vp John Hopmans received 23,479 shares. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Live Nation has re-upped longtime CEO Michael Rapino to a new five-year contract that could see him earn $30 million per year. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Ticketmaster should look in the mirror and say, Im the problem, its me,. More than 53% of votes cast rejected 2022 compensation packages for Rapino and other top executives. Brian Welk. Rich Men North of Richmond Goes Viral. The . Compare pay for popular roles and read about the team's work-life balance. Shareholder rebukes like this are rare, and it comes as the Ticketmaster owner is already under fire from fans and regulators over its role in the Taylor Swift Eras Tour ticket debacle. As President & CEO of Live Nation Entertainment, Inc, Michael Rapino has a total base salary of $493,333 . Michael Rapino: Family Life As of April 10, Live Nation chief Michael Rapino will forgo his $3 million base salary, the company stated in an 8K filing with the Securities and Exchange Commission on Monday. Rapino will also be getting a onetime $6 million signing bonus, and some time-based RSUs. What was Michael Rapino's Salary in 2020? 2023 Billboard Media, LLC. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov Concert attendance is on the rise as pandemic protocols are precautions have finally lifted and massive concert tours are scheduled in major cities across the United States. Live Nation underwent three rounds of layoffs and furloughs, affecting more than half of its staff. By President, Chief Executive Officer and Director at LIVE NATION ENTERTAINMENT as reported in their proxy statements. Live Nation CEO Michael Rapino's Total Pay Jumps to $139M in 2022 Part . We've updated the dispute procedures in our. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. The final price that is advertised is the price the consumer should pay for concert tickets, sporting events, and any other large gathering ticketed by services like Ticketmaster. AfterLive Nation CEOMichael Rapinoannounced he was reducing his salary to $0 in April 2020 as part of a $500 million cost reduction plan, he quietly started paying himself again two months later, according to filings with the government. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement.
Who Qualifies For Ltss, Golf Schools In San Diego, Long Island Dance Clubs From The 80s, Country Concerts In Utah 2023, St Andrews Bandra Admission, Articles L