Clear Channel Spinoff Moving to Los Angeles
An entertainment promotion business is leaving Houston for Los Angeles after splitting from Clear Channel Communications Inc., according to regulatory filings.
San Antonio-based Clear Channel completed the spinoff Wednesday of Live Nation, formerly known as Clear Channel Entertainment.
About 300 of Live Nation’s 3,300 full-time employees could lose their jobs as the company reorganizes.
Live Nation expects to add employees to take over services formerly provided by Clear Channel Communications.
Live Nation is moving because Chief Executive Michael Rapino is based in Los Angeles.
The company produces and promotes events including concerts, Broadway shows and monster truck rallies. In 2004, it earned $16.3 million on revenue of $2.8 billion.
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