Live Nation Chief Shades Marc Geiger’s Concert-Venue Bailout Plan as a ‘Fire Sale’
Jem Aswad Senior Music EditorIn the Q&A session at the end of the Live Nation third quarter earnings report on Thursday, the company’s CEO Michael Rapino had some strong words for former WME music chief Marc Geiger’s recently announced “SaveLive” plan to bail out struggling independent concert venues via a joint-venture that would see Geiger and investors taking 51% equity in the venues.Rapino called the plan, for which Geiger has amassed $75 million from investors, a “fire sale” for venues and says he does not see it as being attractive to venues, even if they are struggling.Asked what impact, “if any,” the plan can have on the industry, Rapino audibly sighed and said, “Probably the same one he had at William Morris,” before continuing.