- Live Nation approved a contract doubling CEO Michael Rapino’s annual compensation target to over $60 million, despite a federal jury finding the company liable for unlawful monopoly practices.
- Rapino had testified his pay was linked to “solving the DOJ problem,” yet the target doubled after a guilty verdict.
- The DOJ settled its antitrust case, requiring Live Nation to fund $280 million for state claims, with a judge ruling on the deal next year.
Live Nation last week approved a contract doubling CEO Michael Rapino’s annual compensation target to over $60 million, despite a federal jury in Manhattan ruling the company and its Ticketmaster subsidiary liable for unlawful monopoly practices. That contrast is notable given that just six months ago, Rapino testified under oath that his pay was linked in part to “solving the DOJ problem.”
Despite a jury ruling Live Nation engaged in monopoly practices, his compensation target has doubled anyway. His previous contract was set to expire in 2027; his tenure may now continue through 2031.
In April, a federal jury found that Ticketmaster used monopolistic practices to overcharge fans $1.72 per ticket in 21 states and Washington, DC. The DOJ settled its antitrust enforcement action, reaching a deal in which Live Nation would fund $280 million for certain states’ claims.
Rapino collected $32.6 million in compensation in 2025, 291 times what its median salaried employee earned. His new $60 million annual compensation target takes effect in 2027.
Half of Rapino’s new annual equity grants — $15 million in stock each year starting in 2027 — vests at 20% a year simply for remaining employed. The board also granted him $20 million in upfront stock. Rapino abstained from voting on his own compensation this September.
Over the last 12 months, Live Nation common stock has rallied 8% — about half as well as the S&P 500 index’s 15% gain. Over five years, it has trailed the S&P 500 by about 7%. Despite Bloomberg defining Rapino’s “solving the DOJ problem” as resolving government antitrust enforcement, he claimed his board cared more generally about “management of, not exactly the result” of the case.
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