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Live Nation's Diller to Resign: Reports

Barry Diller plans to step down as chairman of Live Nation, according to reports, after a power struggle with other board members.

BEVERLY HILLS, California (

TheStreet

) -- Barry Diller plans to step down as chairman of

Live Nation

(LYV) - Get Live Nation Entertainment, Inc. Report

, according to the

Hollywood Reporter

.

Sources told the

Hollywood Reporter

there was a clash between Diller and other board members over control of the music company. But Diller, in a statement, said: "I have always said, since the merger of Ticketmaster and Live Nation, that I only planned to stay as chairman through the transition and integration of the two companies. It's been almost a year and I informed the board today that while there was no rush, the board should start the process now to appoint a new chairman."

The date of Diller's resignation remains unclear, the

Hollywood Reporter

says. He would remain a member of the board.

The

Associated Press

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, citing a person with knowledge of the situation, said Diller was resigning after a boardroom power struggle with another media giant and director, John Malone.

AP

says Diller's resignation is effective as of the next board meeting.

Diller owns less than 1.5% of Live Nation stock compared with Malone's

Liberty Media

, which owns 14.3%, and there was growing resentment at the large role Diller was playing in running the company, the person told the

AP

.

Shares of Live Nation, created earlier this year when Live Nation merged with

Ticketmaster

, have plummeted following a weak summer concert season.

-- Written by Joseph Woelfel

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Joseph Woelfel

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