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Media Mogul Diller Resigns From Live Nation Board

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(credit: AP)

(credit: AP)

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LOS ANGELES (AP) — Billionaire media mogul Barry Diller has resigned from the board of concert promoter Live Nation, capping a battle with another media tycoon, John Malone.

Diller’s resignation was effective Monday, Live Nation Entertainment Inc. said in a securities filing Friday.

The 68-year-old, who owned less than 1.5 percent of the shares in the company, said in September that he would step down as board chairman after other directors, including Malone, chafed at his efforts to control the company despite his small stake.

Malone’s Liberty Media Corp. holds the biggest stake at about 18.4 percent. Malone replaced Diller as chair in October.

Diller sold his Live Nation shares the following month.

On Wednesday, Live Nation cut its profit forecast because of a charge to settle a class-action lawsuit against its Ticketmaster division.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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