Los Angeles - After reports of tension in the executive ranks at concert promotion giant Live Nation (NYSE: LYV) -- over the company's recent spate of multi-million dollar "360 deals" with artists including Madonna and Jay-Z, the company announced on Friday that chairman Michael Cohl, also CEO of the company's Live Nation Artists division, has stepped down and resigned his seat on the company's board, effective immediately. The Wall Street Journal had recently reported that Cohl, a veteran concert promoter who had pushed the company to quickly sign additional 360 deals, had threatened to quit, facing opposition from CEO Michael Rapino, who favored a more gradual expansion of the deals.

"Live Nation's strategy and execution remain on track as we are committed to acquiring additional artists' rights beyond the concert tour, including unified rights deals with select artists," Live Nation CEO Michael Rapino said in a statement.

"At the same time, we continue to take a disciplined financial approach and are focused on expanding cash flow and margins and increasing value for shareholders. We will continue to build out our integrated model as we selectively look to add more artists that can feed our core concert pipe."

Cohl will continue his relationship with Live Nation on a consulting basis.

"I am extremely proud of what we have accomplished thus far at Live Nation Artists," said Cohl.

"We have built a division whose current strategy we believe is set to unlock great value for our shareholders and our artists. I look forward to continuing to work closely with Michael Rapino, and remain committed to further growing Live Nation's enterprise value as a consultant to the company."

Shares of Live Nation fell 9% on Friday after the Wall Street Journal reported that Cohl was expected to leave the company.

Related Links:
http://biz.yahoo.com/prnews/080620/laf038.html?.v=101

http://snipurl.com/2lxh2 (DMW previous coverage)

http://www.livenation.com