BEVERLY HILLS, California (
) -- Barry Diller plans to step down as chairman of
, according to the
Sources told the
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
says. He would remain a member of the board.
, 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.
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
, which owns 14.3%, and there was growing resentment at the large role Diller was playing in running the company, the person told the
Shares of Live Nation, created earlier this year when Live Nation merged with
, have plummeted following a weak summer concert season.
-- Written by Joseph Woelfel
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