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Live Nation adds Liberty CEO Maffei to board

LOS ANGELES (AP) -- Live Nation Entertainment has appointed Liberty Media Corp. President and CEO Greg Maffei to its board of directors. The concert promoter and ticketing company said Maffei brings years of experience and business acumen that will help it grow in the coming years.

Live Nation, based in Los Angeles, owns ticketmaster.com, Live Nation Concerts, Artist Nation and Live Nation Network.

The company said late Thursday that it is appointing Maffei as the non-executive chairman of its board. He has served on the Live Nation board since February of 2011. Maffei joined Liberty Media as CEO-elect in 2005 and became CEO in 2006. He has also served as President and Chief Executive Officer of Liberty Interactive since 2007.

Liberty Media, the holding company controlled by billionaire John Malone, has an estimated 27 percent stake in Live Nation.

Shares of Live Nation increased 19 cents, or nearly 2 percent, to $12.07 by midday Friday amid a small drop in the broader market.