U2 Inks Historical Deal with Live Nation

Billboard reports that U2 has inked a 12-year global deal with Live Nation. The contract will reportedly grant Live Nation permission to handle the merchandising, digital and branding rights of U2, along with its touring.

Still, according to Live Nation, U2 will nevertheless continue its recording and publishing relationship with Universal Music Group.

"It's not a do or die situation that we have to be involved in the recordings," said Live Nation Chairman Michael Cohl in an interview with Reuters. "We'd prefer to, but it's not always available." The company would not reveal financial terms of the U2 deal.

Nearly five months ago, Live Nation signed a historical deal with Madonna worth an estimated $120 million, allowing the company rights to her recording and touring income. With this new business model comes the advent of the 360 deal whereby most investors are looking to have a stake in most every venture of an artists' career.

Chairman Michael Cohl states that, for the time being, Live Nation will focus on signing other major artists rather than developing new acts. "Our intention is to work with artists who are already making it or on their way to making it," he added.