Barry Diller has resigned from his role as chairman of Live Nation, an individual with knowledge of the matter confirmed to TheWrap.
"Yes, it's official. He's leaving," the person said Wednesday.
Diller was a key figure in the merger of Live Nation and Ticketmaster, which was controlled by his IAC/InterActiveCorp. His resignation is effective as of the next board meeting.
Diller reportedly was involved in a boardroom power struggle with fellow director John Malone.
However, in a statement released Tuesday night, Diller said his departure was long-planned.
"'I have always said, since the merger of Ticketmaster and Live Nation, that I only planned to stay as chairman through the transition and integration of the two companies," he said. "It's been almost a year and I informed the board today that while there was no rush, the board should start the process now to appoint a new chairman."
Live Nation stock and adjusted income have both dropped this year.
Diller owns less than 1.5 percent of the stock outstanding compared to Malone's Liberty Media Corp., which owns 14.3 percent, which caused the resentment between the two media moguls, the Associated Press reported.
News of Diller's departure was first reported Tuesday night by the Hollywood Reporter.