LOS ANGELES (CelebrityAccess MediaWire) — Madison Square Garden chairman and Cablevision CEO James Dolan has been tapped to join Live Nation's board of directors, filings with the Securities and Exchange Commission have revealed.
Mr. Dolan has not been appointed to any board committees, and will not have any fiduciary duty to present corporate opportunities to Live Nation except in limited circumstances. The Board has also waived any duty on the part of Mr. Dolan to refrain from competing with, investing in competitors of, or negotiating on behalf of other entities against, Live Nation.
Upon joining the board, Mr. Dolan received a grant of 11,186 shares of Live Nation, bringing his total holding to in the company to 3,912,806, comprising approximately a 4.6% stake in the promoter-giant.
As Chairman of Madison Square Garden, he supervises day-to-day operations of its professional sports teams and regional sports networks, which include MSG Network and MSG Plus. He also serves as a governor of the Knicks and Rangers to their respective leagues. Dolan also serves as the CEO/Chairman of Cablevision systems, a significant provisioner of cable television and Internet in several key markets in the U.S. – CelebrityAccess Staff Writers