U2 signs 12-year deal with Live Nation

Other News Materials 1 April 2008 06:31 (UTC +04:00)

( dpa ) - Rock supergroup U2 has signed a 12-year deal with Live Nation that gives the concert promoter responsibility for touring, licensing, sponsorship, digital media and other band endeavors.

The deal for an undisclosed financial arrangement follows a 120- million-dollar deal last year between Madonna and Live Nation, the concert behemoth. While Madonna's contract includes a three-album commitment, U2's deal does not cover music rights, and the Irish group will continue recording for longtime label Universal Music.

"Our long relationship with U2 has endured and flourished over the years," said Live Nation chief of global touring Arthur Fogel, who produced every U2 tour since 1997's PopMart. "This is an opportunity to move forward with them while building on the past, utilizing our unparalleled global marketing platform to expand U2's universe into the future."

U2 singer Bono said: "We've been dating for over 20 years now. It's about time we tied the knot."

To date, U2 has earned 22 Grammy trophies and sold more than 140 million albums. Currently recording a new album, U2 sold 389 million dollars worth of tickets on their 2005-06 Vertigo Tour, ranking only behind the Rolling Stones' A Bigger Bang Tour as the highest grosser of all time