U2 have signed a reported £50 million deal with Live Nation.
The band has committed to a 12-year agreement with the concert promoters -
which has produced every U2 tour since 1997, but first worked with the band
in Toronto in 1980.
The company will continue to handle their tours, along with merchandising,
digital and branding rights and will run their website and fan club.
The group’s frontman Bono said: “We’ve been dating for well over 20 years
now. It’s about time we tied the knot.
“We feel we have a great website but we want to make it a lot better. We
want a closer, more direct relationship between the band and its audience
and Live Nation has pledged to help us with that.”
Live Nation’s chairman Michael Cohl added: “U2 has created some of the
greatest rock music of all time. It has long been our intention to
consolidate and extend our relationship.”
The band – who have sold more than 170 million albums worldwide since
releasing debut LP ‘Boy’ in 1980 – will continue to release music through
record label Universal.
Live Nation - who own 170 venues worldwide, including London’s Wembley Arena
and Manchester Apollo - have also tied the rockers to their venues.
U2 are not the first global music superstars to be snapped up by Live
Nation, who made an estimated £2.2 billion in 2007.
Last year, Madonna signed a similar 10-year-deal with the promoters which
also included recording rights, worth around £60 million.