Live Nation Entertainment, the major concert company, is in negotiations with the management companies of Irish rock band U2 and pop superstar Madonna. If the deal is made, it will give Live Nation a major boost as both are among the most popular touring acts of the last three decades.
The New York Times received insider information from an anonymous source on the possible $30 million deal that would land Live Nation Principle Management, which manages U2, and Maverick, the company that handles Madonna’s affairs.
The deal would also shift the duties of Paul McGuinness, U2’s manager since the start of their career, who will step down into a lesser role. Guy Oseary, will assume the role of chief manager for U2 should all sides come to an agreement. In a statement released by the well-respected McGuinness, it appears the deal has already been made.
McGuinness said: “I am delighted that Live Nation, who with Arthur Fogel have been our long term touring partners, have joined us in creating this powerful new force in artist management. I have long regarded Guy Oseary as the best manager of his generation, and there is no one else I would have considered to take over the day-to-day running of our business.”
Live Nation, via its Artist Nation division, oversees the careers of over 200 acts. The company has struck deals with U2 and Madonna before. Back in 2007, it signed a 10-year, $120 million deal that covered touring and music rights, later selling the music portion to Universal. In 2008, U2 and Live Nation entered a deal handle touring and merchandising for 12 years.
Some will recall Jay-Z also entered a lucrative deal with Live Nation in 2007 at the tune of $150 million, which has financed his successful Roc Nation venture.