Live Nation’s Michael Rapino is expected to sign a new contract with Live Nation this Friday that will have him continue to helm the concert promoter giant as CEO through 2022, Amplify has learned.
Rapino is reupping his contract as Live Nation trades at a record stock price, closing at $42.91 a share with a market cap of $8.9 billion. That’s nearly a four-fold increase from when the company went public in December 2005 with a share price of $10.75 and dipped as low as $2.52 during the economic recession of 2009.
Besides growth of the stock price, Rapino has overseen a rapid period of both organic and acquisition-driven growth at Live Nation, starting in 2006 with the purchase of House of Blues Concerts and followed by a number of significant purchases including C3 Presents, Insomniac, AC Entertainment, Founders Entertainment, United Concerts and events like BottleRock Festival in Napa and Israel’s Bluestone Entertainment. Rapino is also responsible for managing the company’s merger with Ticketmaster beginning in 2009, as well as its substantial growth internationally.
Since the November, Rapino has made a number of pre-planned stock sales totaling $43.9 million in value. According to an SEC Filing, as of Dec. 1, Rapino held about 7.5 million shares of Live Nation stock.