Ariel Emanuel speaks onstage during Los Angeles LGBT Center's 48th Anniversary Gala Vanguard Awards at The Beverly Hilton Hotel on September 23, 2017 in Beverly Hills, California.
Emma McIntyre/Getty ImagesAri Emanuel has resigned from his position on the Live Nation board of directors nearly 14 years after the founding partner at Endeavor was elected to represent shareholders of the world’s largest concert promoter, according to an SEC filing from Friday.
Emanuel had planned to leave following the launch of Endeavor’s IPO in April, according to a source at Live Nation, After a false start in 2019, Emanuel was able to successfully take the sprawling entertainment company Endeavor -- which owns the WME and IMG talent agencies, the Miss Universe Pageant, Ultimate Fighting Championship and ticketing and hospitality company OnLocation -- public on the New York Stock Exchange, raising about $511 million at a valuation of a little over $6 billion.
But his timing exiting Live Nation makes sense for another reason: Documents obtained by Billboard suggest Emanuel was waiting until June 3 for the vesting of his final stock award of 4,470 shares issued June 2020 worth nearly $400,000.
In a Live Nation SEC filing announcing Emanuel’s exit, the company said he “withdrew from reelection to the board of directors and will not be standing for reelection at the Company’s annual meeting of stockholders" on June 10. Live Nation officials note that the split was amicable and “not the result of any disagreement.”
Emanuel has enjoyed a long relationship with Live Nation chief executive and president Michael Rapino. Endeavor’s talent agency, WME, is one of the world’s largest music agencies and has booked the company’s clients across Live Nation’s portfolio of venues, festivals and global touring deals, resulting in billions of dollars in tickets sold. Endeavor also holds a partial ownership stake in Lollapalooza with Live Nation, which the promoter acquired in 2014 with the purchase of C3 Presents.
Live Nation’s stock value has grown nearly 350% during Emanuel’s time on the board, trading for approximately $20.30 per share in September 2007, down to a low of less than $5 per share in 2009 during the worst months of the financial crisis before beginning its ascent in 2013 and eventually reaching $75 a share in 2019. That’s a point Emanuel famously reminded Irving Azoff of in June 2013, six months after Irving unexpectedly resigned from his chairman position at Ticketmaster and cashed out his stock.
Emanuel began the fight, with many executives and WME agents on copy, forwarding an article from the Financial Times reporting that Live Nation’s stock price nearly doubled in the first half of the year.
“The article says since you left stock has continued to grow…..interesting,” Emanuel wrote. “How much money you lost by selling. Stupid move.”
Irving Azoff’s wife, Shelli Azoff, disagreed: “I am in the air on my new g450 (private jet),” she replied “We did ok with the LN stock.”
Years later, Emanuel might now be wondering if he sold his own Live Nation stock too early. On March 3, 2020, about 10 days before the company pulled touring shows off the road due to the growing COVID-19 pandemic, Emanuel sold more than 71,000 of his shares in Live Nation — representing 97% of his holdings in the company for approximately $58.26 per share, for a total of $4.8 million. Had he waited 15 months until his other stocks had vested on June 3, 2021, to cash out his holdings, it would have been worth $90 per share, buoyed by investor expectations for a strong recovery after the pandemic, generating $6.4 million.
NEWS
No matter what you thought of the Kendrick Lamar and Drake battle, there was only one undisputed winner by the end of it all: the reaction community in the worlds of streaming and YouTube. Your favorite content creators broke down the bars, reacted to all the most shocking moments, and helped this showdown become one of hip-hop's most culturally significant and resonant moments in a long time... For better or worse. See, the battle's technically not over yet, but only because the 6ix God's idea of victory is clearly quite different. In his federal defamation lawsuit against Universal Music Group – his label – for releasing K.Dot's "Not Like Us," he named various content creators who allegedly helped boost the track's widespread popularity and, as a result, its supposedly defamatory nature.
Furthermore, the specific allegation that Drake brings up in this highly controversial lawsuit is that UMG "whitelisted" copyright claims for YouTubers, streamers, etc. concerning "Not Like Us." This means that they would be able to monetize their content without facing a copyright claim from UMG over "Not Like Us," and this isn't really an allegation because various creators have backed this up. But a few important (alleged) caveats that people are talking about online need to be clear. First, "whitelisting" supposedly happens on behalf of a record label behind a song like the West Coast banger, and UMG is instead the distributor of that track. Secondly, as rapper and online personality ScruFaceJean brings up as seen in the post below, tracks like "Push Ups" were also "whitelisted" by its team.
Along with Jean, many other of your favorite content creators spoke out against this Drake lawsuit. Zias! and B.Lou, for example, spoke with their lawyer about the possibility of countersuing for emotional distress, as they found the Toronto superstar's accusations and his implication of them very disturbing and misguided. NoLifeShaq also dragged The Boy through the mud, calling him "soft" and positing that, whether "whitelisting" happened or not, they would react to "Not Like Us" accordingly as they did to his own tracks.
In addition, it's important to bring up that many others fans have pointed to how Drake excitedly used streamers to generate hype and reaction clips for his own diss tracks against Kendrick Lamar. The most direct example is with Kai Cenat, whom he texted to "stay on stream" before dropping "Family Matters." Ironically, the Twitch giant appears in this clowned-upon defamation lawsuit as an example of what the OVO mogul's accusations and implications are. And one more thing: there is no direct link between monetization and algorithmic boosting on sites like YouTube. With all this in mind, content creators seem to feel almost insulted at the idea that they only reacted to the two biggest rappers in the world beefing with each other because one of them would allow them to make money. If Drizzy knew the first thing about the reaction community, maybe he wouldn't have included this...
