PHILADELPHIA (CelebrityAccess MediaWire) — Live Nation's Philadelphia chairman Larry Magid has stepped down from his post at the company on Tuesday after addressing employees at the company's Bala Cynwyd offices. While the reason for Magid's departure was not publicly released, an unnamed source told the Philadelphia Inquirer that Magid's employment contract had come up for renewal.
According to Billboard, Geoff Gordon remains Live Nation's president in the market.
Magid is a longtime fixture in the Philadelphia market, promoting events there for more than 40 years.
Magid helped to open the famous Electric Factory club in 1968 and later formed Electric Factory Concerts to promote entertainment events in the region. In 1998, Magid sold Electric Factory Concerts to SFX, which would eventually become Live Nation Entertainment. Among the numerous shows under Magid's belt are 1985's Live Aid and 2005's Live 8 concerts. Magid also produced Billy Crystal's one-man show. – CelebrityAccess Staff Writers