U2 Inks 12-Year Deal With Live Nation
Mon, 31 Mar 2008 13:48:45
Live Nation Inc. has continued to expand its concert promotion business into the realm of artist rights by signing a 12-year worldwide contract with U2. While the deal doesn't include recording rights like last year's Madonna partnershipa 10-year, $120 million behemothLive Nation will take over the merchandising, digital and branding rights of U2, as well as the band's touring.
"It's not a do or die situation that we have to be involved in the recordings," Live Nation Chairman Michael Cohl said in an interview with Reuters. "We'd prefer to, but it's not always available."
Cohl would not disclose the financial details of the U2 deal, other than to say that Live Nation's new business model is built to maximize the company's profit margins. Who knows what artist Live Nation will nab next, either, other than that it'll be another major one. According to Cohl, "Our intention is to work with artists who are already making it or on their way to making it."
—The ARTISTdirect Staff