Liberty, meanwhile, has taken greater interest in the company, regularly calling on Rapino to address investors at its conferences. In September 2010, media mogul Barry Diller resigned as Live Nation's chairman in what was described as a boardroom struggle with Malone.
Live Nation did not name a chairman to replace Azoff.
A securities filing Monday said that as part of stepping down, Azoff will be paid $3.5 million in bonuses and another $8.2 million to settle a note he held as part of his Front Line sale. Also Azoff will benefit from accelerated vesting of about 2 million shares and 664,000 options.
As of a week ago, Azoff had more than 3 million shares, which means that even after his share sale, he'll still have a stake in the company. He'll also continue to lease space in a company office building, the filing said.