Wednesday, November 13, 2013 7:30am ET by  
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U2 and Madonna on 'verge of signing management deal with Live Nation'

U2 and Madonna are said to be on the cusp of completing a multi-million dollar management deal with Live Nation.

The New York Times report that the massive promotions business is in advanced talks to buy out the companies of U2 manager Paul McGuinness and Madonna's head Guy Oseary.

McGuinness's company is called Principle Management and Oseary's is named Maverick.

The contract is expected to be worth over $30m and the partnership would see McGuinness - who has managed U2 since 1978 - replaced by Oseary, who would then also look after U2 on a day-to-day basis.

Whilst the massive deal has yet to be officially announced, McGuinness said in a statement that plans are afoot. He said:

"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 and 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."

Live Nation manages around 200 other artists under their Artist Nation wing, such as Miley Cyrus and Kings of Leon.

 

 

 

 

 

Watch U2 perform live below: