The Firm represented the Special Committee of the Board of Directors of Live Nation Entertainment, Inc. (NYSE: LVE) in connection with the acquisition of approximately 25% of Front Line Management Group, Inc. owned by Irving Azoff, its Chairman, and affiliates of Madison Square Garden, Inc. for total consideration of $116.2 million in cash and stock.
Separately, the Firm represented the Special Committee in connection with negotiating Liberty Media’s subscription for 1.8 million shares of Live Nation common stock for $18.8 million in cash and its agreement to purchase an additional 5.5 million shares of common stock for consideration of $57.7 million in cash, subject to receipt of approval of Live Nation’s stockholders.
Live Nation Entertainment is the largest live entertainment company in the world. Front Line Management Group is a leading artist management company, with over 250 clients, including the Eagles, Jimmy Buffett, Neil Diamond, Christina Aguilera, Kenny Chesney, Fleetwood Mac and Journey.
The Simpson Thacher team representing the Special Committee included Nathan Agam and Christopher Piazza (Corporate), Chet Kronenberg and Michael Freedman (Litigation), Daniel Foster (Tax), Tristan Brown (Executive Compensation and Employee Benefits), Mike Naughton (Antitrust) and Jennie Getsin and Maria Penalo (Blue Sky). Paralegal Julian Chen also provided valuable assistance.