Michael Cohl has resigned as Live Nation's chairman of the board and CEO of Live Nation Artists. The decision is effectively immediately but Cohl will stay on as a consultant. Billboard.biz just posted an article about its exclusive conference call with Cohl and CEO Michael Rapino.

The event confirms recent reports that Cohl was negotiating his departure, but the interview did not confirm what was said to be an internal rift between the two over the number of large, multi-rights deals Live Nation would sign with superstar artists. "Just the moon and the stars," Cohl said when asked what prompted his departure. Well, that's not very believable but it's to be expected.

Rapino said the company's goal was four such deals in the first year. "Maybe we get to four in 2008 as was the plan, or maybe we get to five or six," he said. "We're happy to be in the business and we will continue to be in the 360 business." That sounds about right. Slow down, use capital wisely -- especially in this uncertain economic climate -- and get a few small victories before expanding the scale of the deals. The company can be fully committed to its strategy without jumping in head first.

Investors, who have shown their lack of interest in the company's plans since the Madonna deal was signed, would like fewer than more deals. Although the personnel are being put in place and the deals look good on paper, carrying them through and reaching their potentials is not going to be easy.

The Los Angeles Times' report on Cohl's departure quoted Miller Tabak & Co.'s David Joyce on the difference of opinion on the company's strategy. "Cohl wanted to hurry up and get more of the artists locked up so they didn't lose them to competitors. The market is very nervous right now regarding those deals and that's why there was the disconnect." According to Reuters, Joyce downgraded Live Nation this morning -- it was down 9.8% today -- but was reassured later today when he learned Cohl had not sold his stock.

The Reuters piece questioned Live Nation's ability to land superstar deals without Cohl on board. On one hand, Cohl had the relationships. On the other, the deals he wanted to pursue "probably would have bankrupted the company," said one unnamed industry executive.