Saturday, June 21, 2008

Live Nation pwned Cohl

As was foreshadowed yesterday, Michael Cohl has paid the price of pursuing 360 degree deals at Live Nation. He's been sacked - in as far as upper management is ever sacked. The official line is that he's been

transitioned to a consultant role

There's nothing more embarrassing as being told you're so useless you're only good for consultancy.

The victor in the boardroom squabblefest, Michael Rapino, has attempted to suggest that it's going to be business as usual:
" We are committed to acquiring additional artists' rights beyond the concert tour..." said CEO Micahel Rapino. "At the same time, we continue to take a disciplined financial approach and are focused on expanding cash flow and margins and increasing value for shareholders."

In other words: Cohl paid over the odds for Madonna and we're not going to let ourselves turn into some sort of cashpoint for the faded top tier stars.