Report: Live Nation About To Acquire U2, Madonna Management Firms
November 12, 2013 at 6:22 PM (PT)
LIVE NATION ENTERTAINMENT is in "advanced negotiations" to buy the management companies behind U2 and MADONNA, the NY TIMES reports. Sources told the paper that LIVE NATION would pay more than $30 million for both PRINCIPLE MANAGEMENT, run by U2 manager PAUL MCGUINNESS, and MAVERICK, run by MADONNA manager GUY OSEARY.
If the deal is consummated, OSEARY would take over the day-to-day management of U2, while MCGUINNESS would become PRINCIPLE’s Chairman, although what that would entail was not specified.
While there was no comment yet from the LIVE NATION and OSEARY camps, MCGUINNESS responded by saying, “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 rock ’n’ roll 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.
“I am delighted that LIVE NATION, who with ARTHUR FOGEL have been our long-term touring partners, have joined us in creating this powerful new force in artist management. I have long regarded GUY OSEARY as the best manager of his generation, and there is no one else I would have considered to take over the day-to-day running of our business.”