LOS ANGELES (CelebrityAccess MediaWire) — Execs at Live Nation and Ticketmaster netted a nice windfall as four of them received $6.5 million in bonuses upon the merger between the two companies' completion.
According to a form 8k filed with the SEC, Live Nation president & CEO Michael Rapino netted a bonus of $3 million, while his counterpart at Ticketmaster, Irving Azoff cleared $2 million. Kathy Williard, Live Nation's EVP picked up $1 million while Michael Rowles, Live Nation EVP and general counsel received $500,000.
The filing also revealed that the newly-merged company was responsible for a note issued by Ticketmaster with an outstanding principal of $34.7 million owed to Irving Azoff. Live Nation Entertainment is obliged to pay $1.7 million to Azoff's family trust on Feb. 1 and then another $835,000 delivered on the first of each month until October 2013. – CelebrityAccess Staff Writers