[Techtaffy Newsdesk]

Irving Azoff, chairman of Live Nation Entertainment and CEO of its Front Line Management Group, has resigned from the board of directors and as an employee of the company.

Irving Azoff: I’m looking forward to returning to the entrepreneurial world and continuing to work with all my friends and colleagues at Live Nation.

In conjunction with this change, Liberty Media has purchased 1.7 million shares of Live Nation stock from Mr. Azoff, increasing its stake to 26.4%.