As Ticket Sales Slumped, Live Nation CEO Michael Rapino Got A 137% Pay Hike
2010 was not a great year for the live touring industry in general or concert and ticketing giant Live Nation in particular. Ticket sales fell, "synergies" created by the merger with Ticketmaster led to several rounds of layoffs, and key executives departed. But Live Nation's top three executives still took home hefty pay packages:
- Live Nation Entertainment CEO Michael Rapino got a 137% raise from $6.68 million in 2009 to $15.9 million in 2010. His base salary was $1.97 million plus a bonus of $1.78 million because LN hit 89% of operating income projections. Then there was another $2 million bonus for meeting debt refinancing and cost cutting targets and $7 million in stock and options.
- Executive chairman Irving Azoff earned $22.8 million in 2010. His base salary was $1.86 million plus a bonus of $3 million, $462,035 in stock awards, $1,653,217 in stock options and $13.8 million in other "compensation" mostly related to the merger and his ownership in management giant Front Line.
- Ticketmaster CEO Nathan Hubbard earned $5.7 million 2010 with a salary of $626,000, a bonus of another $637,875 plus stock awards and options.