Azoff resigns as Live Nation chair, sells stake

(AP) Irving Azoff, the longtime manager of the Eagles band, is resigning as chairman of concert promoter Live Nation Entertainment Inc. and selling off 1.7 million shares to Liberty Media Corp.

Azoff, 65, will continue to manage the acts that he brought to the company, including the Eagles and Christina Aguilera. Live Nation said in a statement it did not expect Azoff's departure or the restructuring to have a material impact on its operating results.

The surprise announcement came days after Live Nation extended the term of CEO Michael Rapino for another three years through December 2017.

Liberty Media's stake in Live Nation will increase to 26.4 percent.

Live Nation shares fell 2 cents in after-hours trading following the announcement, after rising 3.7 percent to close at $9.31 in regular trading.