RAPINO AND AZOFF MAKE MONEY

Live Nation Chief Executive Michael Rapino earned a cool $15.9 million in 2010, more than double his 2009 level, despite a widening net loss and declining operating income for the company, according to SEC filings cited in the Wall Street Journal.

The company’s Chairman Irving Azoff took home around $22.8 million last year.

Each was paid a $2 million cash bonus, along with significant stock and other compensation when the merger of Live Nation and Ticketmaster closed in January 2010.

Rapino was paid nearly $2 million salary, $5.4 million in stock awards, and was also awarded a $3.8 million bonus based on various performance targets, including nearly $1.8 million, out of a possible $2 million, for delivering "adjusted operating income" of $362.8 million. His target to receive the full $2 million had been $438.6 million.

Adjusted operating income is Live Nation's preferred measure of cash flow. Its 2010 level represented a 15% decline from the year earlier. The company suffered a brutal summer touring season, twice lowering its full-year performance estimates to Wall Street analysts.

The company's net loss in 2010 widened to $228 million, from $60 million the year earlier, while revenue declined 9%, to $5.06 billion.

Azoff's salary was $1.9 million, with a $5 million bonus and various other compensation relating to the Live Nation-Ticketmaster deal, including a $1 million bonus based on the company's performance, even though it fell slightly short of the minimum target triggering the payment.. The board said the company's performance fell short of the target by a "narrow margin."