U2 Signs 12 Year Deal With Live Nation
Posted by Dan Marsicano on 03.31.2008
U2 pulls a Madonna and gets a big deal with Live Nation...
U2 has signed a 12 year deal with Live Nation that includes worldwide touring, merchandising, and the band's U2.com Web site.
U2's manager Paul McGuinness commented about the deal, "For some time now they've been executing, promoting and producing our tours as partners pretty well perfectly. Since they want to consolidate rights and they have an online vision that I believe in, their Ticketmaster deal is expiring, which is going to change their margin, I'm very happy to go into a partnership with them. And, apart from all the financial stuff, there is a real friendship, a real bond."
The exact financial terms were not disclosed, but rumors are that it is close to the $120 million deal that Madonna signed. The only terms disclosed was that there was some money paid upfront and that Live Nation would share in the profits and will be "substantially and materially involved" in all pertinent rights' revenue streams.
U2 is currently at work on their next studio album, which is scheduled for release in the fall, according to McGuinness.
