Live Nation doubles CEO pay target despite monopoly ruling

Live Nation last week approved a contract doubling its CEO compensation target to over $60 million per year, despite a federal jury in Manhattan ruling the company and its Ticketmaster subsidiary liable for unlawful monopoly practices.

That contrast is notable given that just six months ago, CEO Michael Rapino testified under oath that his pay was linked in part to “solving the DOJ (Department of Justice) problem,” i.e. preventing an anti-trust breakup or adverse outcome from DOJ anti-monopoly enforcement.

Despite a jury ruling Live Nation engaged in monopoly practices, his compensation target has doubled anyway.

His previous contract was set to expire in 2027. As of Wednesday, his tenure may now continue through 2031.

In April, a federal jury found that Ticketmaster used monopolistic practices to overcharge fans $1.72 per ticket in 21 states and Washington, DC.

The DOJ settled its anti-trust enforcement action, reaching a deal in which Live Nation would fund $280 million for certain states’ claims. The settlement is a proposed final judgment, and a judge will rule on its approval by next year.

Read more: The revolving door for lawyers between Kalshi and DOJ

Live Nation CEO earns 291 times its median employee

Rapino collected $32.6 million in compensation in 2025, 291 times what its median salaried employee earned.

His new $60 million annual compensation target takes effect in 2027.

Half of Rapino’s new annual equity grants — $15 million in stock each year starting in 2027 — vests at 20% a year simply for remaining employed. The board also granted him $20 million in upfront stock.

Rapino abstained from voting on his own compensation this September.

Over the last 12 months, Live Nation common stock has rallied 8% — about half as well as the S&P 500 index’s 15% gain — and over the last five years, it’s trailed the S&P 500 by about 7%.

Despite Bloomberg defining Rapino’s “solving the DOJ problem” as resolving government antitrust enforcement, he’s claimed that his board of directors cared more generally about “management of, not exactly the result” of the case, and that it’s “not whether we win or lose.”

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