Live Nation (NYSE:LYV) Chairman Irving Azoff has resigned from his position, the company revealed in an official statement.  Following the resignation, major shareholder Liberty Media (NASDAQ:STRZA) bought 1.7 million shares of the concert promotion and music management firm from the departing executive. That purchase gives it more than 26% of the company.

The statement quoted Azoff as saying that he was "looking forward to returning to the entrepreneurial world and continuing to work with all my friends and colleagues at Live Nation."

In addition to his duties as chairman, Azoff also served as the head of the company's Front Line Management subsidiary, which he initially founded as a private business. 

Live Nation said it expects that the departure and any restructuring that results from it will have no material impact on its operations.