The mind-numbing network of interlocking corporate relationships at Live Nation — the No. 1 concert promoter and owner of Ticketmaster — just became much more complicated with the announcement that Jim Dolan is joining its board of directors. He’s a power in live entertainment in his role as executive chairman of Madison Square Garden — a major owner of concert venues (Radio City Music Hall, The Beacon Theater, The Chicago Theater), sports teams (New York’s Knicks and Rangers) and media outlets (MSG network and music channel Fuse). Dolan’s also CEO of Cablevision Systems, a director of AMC Networks, and a Live Nation client in his role as lead singer and guitarist for blues band JD and the Straight Shot. With all of those potential conflicts, will he still be able to look out for the interests of Live Nation’s shareholders? We’ll see. But Dolan doesn’t have to worry about rules regarding directors’ fiduciary duties to shareholders that most board members have to follow. In order to bring him aboard, Live Nation passed some unusual resolutions that the company says free him from any obligation to present corporate opportunities to the company “except in limited circumstances.” It also says that, with a few exceptions, he has no obligation “to refrain from competing with, investing in competitors of, or negotiating on behalf of other entities against, Live Nation.” In another quirk, the announcement says that Dolan “has not been appointed to any Board committees, nor is he expected to be so appointed at this time.”
By DAVID LIEBERMAN, Financial Editor | Thursday June 30, 2011 @ 5:19pm EDTTags: AMC Networks, Cablevision, Cablevison James L. Dolan, Live Nation Entertainment, Madison Square Garden, Ticketmaster
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This article was printed from http://www.deadline.com/2011/06/jim-dolan-joins-live-nation-board-after-company-says-he-can-still-be-a-competitor/
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