The AP is reporting that Live Nation Entertainment Chairman Barry Diller is stepping down "...after a boardroom power struggle with another media giant and director, John Malone, according to a person with knowledge of the situation."

The Hollywood Reporter broke the news yesterday morning:

Diller, who plans to remain on the board, did not respond to a request for comment on the reported clashes with board members including Irving Azoff, now the top executive at Live Nation; Ari Emanuel of WME; and Mark Shapiro, former CEO of Six Flags; as well as Live Nation CEO Michael Rapino. The developments at a Tuesday board meeting spring from a power struggle over control of the music industry giant created this year when Live Nation and Ticketmaster merged in a deal valued at $889 million. Diller’s decision appears to represent a rupture with one-time associate Azoff, who may now assume the chairmanship. Azoff declined to comment.

Soon after the merger, according to a source, Diller and other board members began clashing over control. Sources said Diller tried to replace a chief financial officer who enjoyed solid support from top executives and other board members, but that attempt was rebuffed. As time went on, some on the board became increasingly resentful and suspicious of Diller’s agenda, according to an informed source. They believed that Diller wanted to wrest control of some board seats to cement his control of the company and decided to oust him instead.

Diller said in an official statement:

“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. 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.”