U2 & Madonna management in negotiations with Live Nation ------------------------------------------------ Rumoured deal with mega-concert promoter signals shift as industry players fight to make up for lower record sales Harriet Gibsone, theguardian Two management companies representing U2 and Madonna are said to be in negotiations with the live-events company Live Nation Entertainment. The deal, between Paul McGuinness of Principle Management and Guy Osearys Maverick would establish the companys shift towards artist representation, with the new venture joining Artist Nation, Live Nations artist management company, which looks after the likes of Kings of Leon and Miley Cyrus. According to unnamed sources, U2, who have been managed by McGuinness since 1978, will be managed day to day by Oseary, who will become Principles chairman. McGuinness stands to make approximately $30m (£18.8m) if the deal – which Bono is said to have played an active role in negotiating – goes ahead. Live Nations partnership with major management teams marks a steady shift in the music industry, as lower record sales force artists to turn to concerts, festivals and merchandise to sustain careers. Ticket prices have also been gradually rising. In 2012, Madonna advised fans to work all year to be able to afford to see her perform live. As it stands, Madonna and U2 are two of the most lucrative touring acts in the world, with U2s 360° tour remaining the most profitable tour staged, grossing more than $700m. In a statement, McGuinness said: It could be seen as slightly poor etiquette for a manager to consider retiring before his artist has split, quit or died, but U2 have never subscribed to the rocknroll code of conduct. As I approach the musically relevant age of 64, I have resolved to take a less hands-on role as the band embark on the next cycle of their extraordinary career. This is not the first time both acts have done business with Live Nation. In 2007 the company confirmed a $120m deal with Madonna, a negotiation that included the touring and recorded music rights of the singer for a decade. The following year, the ticketing companys deal with U2 exclusively signed over the bands touring and merchandising for 12 years. Live Nation also manage merchandising for artists such as the Beatles and AC/DC.
Posted on: Thu, 14 Nov 2013 22:02:46 +0000
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