Live Nation CEO Michael Rapinoe has extended his contract with live events giant and owner of Ticketmaster and Roc Nation, keeping him at the helm of the company until the end of 2027.
The deal includes a significant increase in Rapino’s compensation, with an annual payout target of $30 million if performance metrics are met (actual number may be higher or lower depending on company performance).
Rapinoe’s salary remains unchanged from his last contract at $3 million a year, but the annual cash bonus target increases from $6 million to $17 million a year under the new deal. Starting in 2023, Rapinoe will also receive an annual donation of at least $10 million in restricted stock. For RSUs and cash bonuses, performance metrics will be used to calculate final compensation. According to a copy of the settlement filed with the SEC, the yield on the RSUs will be based on the Live Nation stock price.
Rapinoe will also receive a one-time $6 million signing bonus and multiple time-based RSUs. The new agreement received unanimous approval from Live Nation’s board of directors, with Rapinoe abstaining, according to the document.
The CEO joined Live Nation in 2005 and completed its merger with Ticketmaster in 2009. He last signed a contract in 2017.
Live Nation has seen a boom as live shows and other events return to normal after the pandemic. The company reported first-quarter revenue of $1.8 billion, up from $290 million in the same quarter last year. The number of fans attending the events has yet to return to 2019 levels, but pent-up demand means the company is earning more per customer than before.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
