Live Nation Chairman Michael Cohl is negotiating his exit from the company after losing a power struggle with CEO Michael Rapino over the touring giant’s controversial strategy to sign acts to lucrative 360 deals, sources involved in the situation told The Post.

Cohl, Live Nation’s biggest shareholder, championed the company’s strategy to spend big dollars on artists – wanting to do as many as 15 such deals, which combine touring, recording and merchandise. But Rapino has been pushing back, wanting to slow the pace of the dealmaking after already handing out over $120 million to Madonna and $150 million to Jay-Z.

“Cohl has been adamant that the time to strike on artist deals is now,” said one Live Nation insider. Indeed, sources said Cohl is hot on the trail of deals with Shakira and The Rolling Stones.

The company insider said Rapino felt Cohl’s dealmaking was hurting Wall Street’s perception of Live Nation. This source said Rapino is intensely focused on trying to exceed Wall Street expectations for 2008, particularly with regard to cash flow since the financial impact of Cohl’s 360 deals won’t be reflected until 2009 at the earliest.

To prop up the numbers, Live Nation isn’t replacing departed employees with new hires and has put a lockdown on spending, this source said.

“Rapino has too much invested in the future for dissent amongst the troops,” said one band manager who has negotiated deals with Live Nation.

Still, while Cohl ranks as Live Nation’s biggest spender, he is also the concert promoter’s biggest earner, chiefly responsible for bringing The Rolling Stones’ lucrative tours to the company.

As a result, the insider said the board was not unanimous in its decision to let Cohl go.

Live Nation did not return a call for comment.