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U2 Receives 1.56 Million Live Nation Shares For Deal
October 17, 2008
- Touring
By Mitchell Peters, L.A.
U2 will receive an estimated $19 million worth of Live Nation shares as part of a 12-year deal the rock band signed with the concert promotion company earlier this year.
Los Angeles-based Live Nation yesterday (Oct. 16) registered 1.56 million shares to U2 in a regulatory filing with the Securities and Exchange Commission.
The agreement between U2 and Live Nation, announced in March, includes worldwide touring, merchandising, and the band's U2.com Web site. The deal, however, is not a true 360-degree pact, as there is no publishing component and the band retains its relationship with Universal Music to release music.
U2 is in an elite class for touring, with its 2005-2007 Vertigo tour taking in close to $400 million, the second highest ever. So touring alone should generate more than a billion dollars in grosses over the course of the contract.
In addition to U2, Live Nation has also entered into multi-rights deals with Madonna, Jay-Z, Nickelback and Shakira.
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