EXCLUSIVE: Live Nation and Ex-Chairman Michael Cohl at War Over Rolling Stones Tour

1/31/2011 by Eriq Gardner




The battle between Live Nation and its ex-chairman Michael Cohl is heating up.

In November, the music giant sued Cohl for $5.35 million for allegedly breaching the terms of an agreement made at the time he left the company. Now Cohl has struck back, saying that it was Live Nation that first breached the very same contract by attempting to "interfere" and "destroy" Cohl's opportunity to procure promotional rights to a Rolling Stones tour later this year.

Cohl is famous in the entertainment business for his promotional endeavors. He is credited with inventing the modern rock tour and has recently gained much attention for producing Spider-Man: Turn off the Dark, the most expensive Broadway musical ever. In 2008, Cohl left Live Nation amid a feud with CEO Michael Rapino over the direction of the company.

When Cohl left in 2008, he signed a financial agreement that spelled out how exactly he would compete against Live Nation going forward. Cohl was to pay $9.85 million in installments to Live Nation in return for various assets, including a non-compete exemption to continue working with and promoting tours by the Stones, Pink Floyd and Barbara Streisand.

Live Nation sued Cohl for allegedly failing to pay $5.35 million in the 2008 agreement. But Cohl says that Live Nation never lived up to its side of the deal.

Last February, Live Nation sent Cohl a letter informing him that it was going to bid against Cohl for the Rolling Stones' next concert tour, which hadn't yet been announced. The company followed up with an e-mail stating that Cohl could still pursue the band's tour, but only through a joint venture. Live Nation also wanted Cohl to detail his negotiations with the Rolling Stones, which Cohl says would give Live Nation key info that could be used to undercut his own bid.

Later, Live Nation allegedly proposed competing separately for a Rolling Stones tour. Cohl says the proposal amounted to a breach of his contract with his former employer. Cohl says he paid Live Nation $20 million for the right to not bid against the company for the Rolling Stones tour, to have Live Nation finance the tour, to have Live Nation perform the services of "Executive Global Promoter" of the tour, and to receive two-thirds of the promoter's profits from the tour.

The Rolling Stones tour later this year is expected to be one of the biggest in concert history. It's the 50th anniversary for the band, which through the years has enjoyed a number of financially lucrative tours.

Cohl calls promotional rights on this upcoming tour "the crown jewel" of the agreement he made with Live Nation in 2008. He says the value of this asset would have more than accounted for the $5 million he owes the company. In other words, Cohl implies that Live Nation would have gotten its money if it hadn't  been the first to breach the agreement.

Cohl's countersuit also reveals that members of the Rolling Stones, including Mick Jagger and Keith Richards, have been informed by both parties of the "spat" and that they have expressed a desire not to get dragged into the middle of the dispute. But Cohl says the fuss is causing damage anyway. Live Nation has attempted to hurt his standing with the band's representatives, maintains Cohl.

A spokesperson for Live Nation wasn't immediately available for comment.

THR, Esq.

Might explain a delay in potential tour plans.
The band's waiting until the dust settles to see who'll offer the most guaranteed money.

'Course they could also let those parties feud on and solicit bids elsewhere, maybe even sans guarantee.

Riiiight...

" The Rolling Stones tour later this year is expected to be one of the biggest in concert history. It's the 50th anniversary for the band, which through the years has enjoyed a number of financially lucrative tours.

Cohl calls promotional rights on this upcoming tour "the crown jewel" of the agreement he made with Live Nation in 2008.  "


I am now so excited that I am typing this with me nipples .

Bitch wrote on Jan 31^st, 2011 at 8:25pm:


Money doesn't talk, it swears.  I think Bob Dylan said that as he assured his ma he was only bleeding.  I don't know about the rest of you, but I'm bled out.  Not a drop left. Sick of the greed.

And I used to think Ticketbastard was greedy...

When you die, you can't take it with you.

steel driving hammer wrote on Feb 1^st, 2011 at 7:25am:

What'll they do with all that money?  Hire new hair stylists!
Brainy

steel driving hammer wrote on Feb 1^st, 2011 at 11:02am:


If he can still do that, he can still play guitar !  

Lawsuit Reveals Plans for Rolling Stones' 50th Anniversary Tour
The band's longtime concert producer is competing with Live Nation for promotional rights
Greetsia Tent/WireImage
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By Matthew Perpetua
February 1, 2011 10:40 AM EDT


The Rolling Stones have yet to announce any plans to tour in the foreseeable future but a lawsuit involving the concert promotion juggernaut Live Nation and the band's longtime tour organizer Michael Cohl indicates that a 50th anniversary jaunt is in the works.

Photos: The Rolling Stones Live, 1964-2007

Live Nation is suing Cohl for $5.35 million for allegedly breaching the terms of the agreement made when he stepped down as chairman of the company in 2008. Cohl has responded with a countersuit which claims that it was in fact Live Nation that breached the contract with the intent to ruin his chances to attain promotional rights to an upcoming Stones tour.

Photos: Mick Jagger

Cohl's countersuit states that the members of the Rolling Stones are aware of the conflict between himself and Live Nation, but have elected not to get directly involved in the dispute. Nevertheless, Cohl believes that this rift is doing damage to his working relationship with the band, despite having produced every world tour they have gone on since Steel Wheels in 1989.
http://www.rollingstone.com/music/news/lawsuit-reveals-plans-for-rolling-stones-...

Who's fighting and what for ?

Cohl will certainly not get any love here, besides that article makes the story hard to understand what's going on. Not the best way to start talking about that tour...

nothings guaranteed.

They should put off the U.S. leg til 2014.

Well there ya are people. There is the basic proof they want very much want to tour again. If they didn't .... Cohl and Live Nation wouldn't be suing each other over something that the band isn't willing or into anyway. The top dogs in these two organizations very much know The Stones are up for it and are ready to take on the task it seems. Now both groups want the privilege of promoting it. If The Rolling Stones weren't up for, and ready to plan a tour The two organizations, would see this as a case of ...."what tour?"... No use squabbling, gathering lawyers, going to court, and going through the legalities over something that isn't a reality and going to happen...

All the remarks about The Stones not wanting to tour anymore can thankfully be put to rest. They very much want to tour ... they are just waiting on the highest bidder or a winner in this battle... (gee ...the money they are wrapped up in....). I am not saying they are all saying .... we want to tour now and roll on continuously for the next 10 years if we can..." What I'm saying is The Stones are into a tour coming up... they will record an album ...and at the foreseeable future have absolutely no plans on retiring.

*When there were remarks about the band meeting and there being a "problem with 2011" this must of been it. It wasn't that they weren't into it.

I know many  here label me as a total optimist when it comes to The Stones. I know at times people think my enthusiasm overshadows reality. But it doesn't... nothing has pointed to them thinking about retiring. In fact, everything points to The Stones wanting to continue.

Lets face it folks, they don't need to plan a tour again. They are totally rich, respected, and have done it all three times over. They are in their mid sixties... yet still with all their millions they still are planning another tour. For what? They got loads of cash. More than any other active group. It isn't 100% about cash (only partially). If they wanted to settle down or do their own thing and let The Rolling Stones go they would of. If they didn't want to be The Rolling Stones anymore they would of stopped long ago. I mean they are loaded to the hilt and have nothing left to prove. They haven't for a long, long while. They WANT to continue.  Otherwise ....why bother ... again, ....and again, and again, .....and again.... and again... and here loaded to the max in their mid-sixties they are planning another one...

It's obvious. They have no plans in the near future on calling it quits. I know they really want to because ...why bother? Sure they will make loads of cash but geez ... they are loaded now and is it really worth a year or so on the road again, again, and again if you just arent that into it anymore?

To them ... they want to soldier on...


Ian

I find it amazing that Cohl would have agreed to pay Live Nation $10 million so that they wouldn't compete with him to bid on tours of the Rolling Stones or Pink Floyd ! Pink Floyd, he can flush that down the drain now as for the Stones, that says a lot about the economy of music promotion, means there are only two names left...no wonder the ticket prices are crazy !