Live Nation Entertainment, Inc. (NYSE:LYV) chief executive officer Michael Rapino has sold $11.7 million in company stock over the last couple of weeks. This represents 38% of his direct holdings in the company, according to an SEC filing yesterday.
The sales were made on Friday and Monday. Live Nation is in the midst of dismissing Nathan Hubbard, the president of the company’s Ticketmaster division. Rumors about Hubbard’s dismissal started to float as of yesterday evening.
According to the NYT, Rapino sold 640,000 of the 1.7 million shares that he owned. This does not includes around 3 million stock options. A Live Nation spokesperson told the NYT that Rapino sold the stock for estate-planning purposes and added that the sold shares are a small portion of his total equity stake.
Live Nation spun out of Clear Channel Communications in 2005. The company merged with Ticketmaster in early 2010.
Rapino earned a total of $28.5 million from Live Nation, including $21.6 million in grants of stock and options last year.