Ticketmaster CEO to get 20% pay raise, $2 million sign-on bonus
Nathan Hubbard, the chief executive of Ticketmaster, has scored a 20% pay raise, along with a $2-million "retention bonus" for extending his contract with the company's Beverly Hills owner, Live Nation Entertainment Inc.
Starting Jan. 1, Hubbard, 36, will see his base salary go from $626,000 to $750,000 a year, Live Nation disclosed Friday in filings with the Securities and Exchange Commission. In addition, Hubbard's annual bonus will go up from $637,900 in 2010 to as much as $937,500.
Live Nation also sweetened the contract by agreeing to give Hubbard up to 200,000 shares in the company, which would be doled out over the next three years. Those Live Nation shares would be worth more than $1.8 million at Friday's closing price of $9.09.
In return, the young executive agreed to stay at Ticketmaster until the end of 2015.
Hubbard caught some heat earlier this year, along with other top Live Nation executives, when the company disclosed that his total compensation was worth $5.7 million for 2010, a year when Live Nation posted a loss of $228.4 million on $5 billion in revenue.
The company is angling for better results this year by being more conservative with ticket prices and concert touring schedules. In the quarter ended June 30, Live Nation reversed its losses with a $13.3-million profit.
But the results of the summer concert season, which make up the bulk of Live Nation's business, have yet to be reported.
-- Alex Pham
Photo: Ticketmaster CEO Nathan Hubbard. Credit: Rick Diamond / Getty Images