LOS ANGELES, CA (CelebrityAccess MediaWire) – Live Nation purchased a controlling interest in CPI, Michael Cohl's global touring company. CPI is a world leader and innovator in full service global touring, producing some of the largest grossing tours in history, including the Rolling Stones, Pink Floyd and U2. CPI successfully created new revenue streams around the tours that it produces, such as VIP ticketing fan clubs, merchandising and DVDs.
Because of CPI's long term relationships with major artists the purchase virtually guarantees Live Nation first pick of dates on these money acts and is a reminder of how important heritage rock still is to the concert industry's bottom line. Cohl will also become the 10th member of the Clear Channel Board of Directors.
Cohl will get a nice compensation package as a part of the deal. In addition to being nominated as a Live Nation VP and a big chunk of change for his CPI shares, he's entered into a five year contract which nets him $1.5 million for the first year and $2 million every subsequent year along with stock options and other benefits.
Live Nation also announced that Ariel Emanuel, a prominent agent and founding partner of talent agency Endeavor, has joined the company’s board of directors. Ari is often considered by industry insiders to be the model for pugnacious agent Ari Gold, a character in HBO's hit show "Entourage."
“As Live Nation works to develop deeper relationships with artists and enter new businesses such as its Artist Nation division, Ari’s extensive experience as a talent agent and history of making bold moves based on innovative ideas will prove invaluable to us,” said Michael Rapino, President and Chief Executive Officer of Live Nation.
Mr. Emanuel is a founding partner at Endeavor and a driving force in the direction and operation of the company. In the 12 years since its inception, Endeavor has become one of the top agencies in the entertainment industry and Mr. Emanuel has been an integral part of that success and in providing its vision.
Mr. Emanuel is a member of the Board of Trustees of the American Film Institute and is active in P.S. Arts, an industry supported non-profit agency working to bring arts education to public school students all over Southern California. An environmental and political activist, he also served as the co-chair of the Earth to L.A. biennial fund-raising event for the Natural Resources Defense Council.
Lastly, Live Nation announced that James S. Kahan, former Senior Executive Vice President – Corporate Development at AT&T, has joined the company’s board of directors.
“As Live Nation works to refocus its assets on our core live music business, Jim’s extensive experience in acquisitions and divestitures and reputation for doing smart and creative deals will help guide us,” said Michael Rapino, President and Chief Executive Officer of Live Nation.
Mr. Kahan retired this year from AT&T where he had spent nearly 38 years. During his tenure at AT&T and its predecessors, he oversaw approximately $300 billion of acquisitions and divestitures, including the acquisitions of Pacific Telesis (1997), Southern New England Telecommunications (1998), Ameritech (1999) and the former AT&T Corp. (2005), as well as Cingular Wireless’ acquisition of AT&T Wireless (2004). He was also responsible for AT&T’s acquisition of BellSouth Corp. in 2006.
Mr. Kahan serves as Chairman of the Business Advisory Board for the University of Texas at San Antonio and serves on the board of Amdocs Limited which provides software products and services to the communications industry worldwide. A Missouri native, Mr. Kahan earned a bachelor’s degree in electrical engineering from Purdue University in 1979 and a master’s degree in business administration from the University of North Carolina (Greensboro) in 1972. – CelebrityAccess Staff Writers