Irving Azoff plans to sell just over 2 million of his shares in Live Nation over a two-year period.
The Live Nation chairman is looking to divest a maximum of 2,036,500 shares starting this month, according to a Securities and Exchange Commission filing.
Azoff has placed certain conditions on the sale, although the filing does not detail them. It does, however, reveal that Azoff entered into the plan to “diversify his portfolio and for tax planning purposes”.
Last week, Live Nation posted $7.7m net profit for its second quarter, or 4 cents a share - 42% down year-on-year.
The live music giant posted $13.3 million net income, or 7 cents a share the year before.