- 18 Oct 08
U2 are to receive 1.56 million shares worth around $18.5 million in American concert promoters Live Nation Inc.
This follows the announcement in March that the band had signed a 12-year-deal giving Live Nation the rights to their merchandising, branding and touring. However, the deal doesn't extend to their recorded output, which remains with Universal, or their publishing – meaning that it is not what the industry is coming to know as a "360 degree deal". U2's Vertigo tour generated a reported 400 million in ticket sales, making it the second highest grossing tour of all time.
According to filings made with the US Securities and Exchange Commission, Jay-Z and Madonna are also to receive 775,000 and 1.17 million shares respectively, as part of their respective Live Nation deals, which do include all their future single, album and digital releases and therefore more closely fit the "360 degree" model.
No one from U2 management was available for comment.
Meanwhile, Bono and The Edge have been confirmed for October 26’s Theolonius Monk Institute of Jazz gig in LA’s Kodak Theater.
An annual fundraiser for public school education programmes in Los Angeles, New Orleans and the Mississippi Delta, the bill also includes Herbie Hancock, Sting, Joni Mitchell, Keb’ Mo’ and 83-year-old B.B. King who, along with Microsoft co-founder Paul G. Allen, will be receiving awards from the Institute.