Birth of a (Live) Nation
Not a sequel to the D.W. Griffith classic but Live Nation is what the the soon to be spun off Clear Channel Entertainment is to be called. On Weds Dec 21 CCE Spinco, the holding company for the divestiture, will rename as Live Nation. Holders of Clear Channel stock will be issued one share of Live Nation for every eight shares of Clear Channel they own. Also on tap is moving the HQ from Houston to Beverly Hills (and has pretty much already happened) continueing the blood letting in the form of 400 jobs, or 10% of the workforce and slimming from fourteen operating units to six, music, theatrical, sports, venue management, marketing and interactive tech.
It’ll be interesting to see if this will be a new face in the concert biz, reviving the spirit of the old days or if this is just another makeover for what is likely the most hated company in the touring business.