U2 signs $1billion deal with Live Nation

Melbourne, Oct 22 : Irish rock band U2 has signed a billion-dollar deal with concert promoters Live Nation, which could earn them more than 500 million dollars in shared revenue.

The deal, which is for 12-years, entitles them to 1.56 million shares in the company worth around 10 million, and it would mean their frontman Bono will be 60-years-old before he finishes touring.

Along with handling the band's tours, Live Nation will also handle merchandising, digital and branding rights and run their website and fan club.

The company first worked with The Joshua Tree hitmakers in Toronto in 1980, and have been organising their live events since 1997.

"We've been dating for well over 20 years now. It's about time we tied the knot," News.com.au quoted Bono as saying.

"We feel we have a great website but we want to make it a lot better. We want a closer, more direct relationship between the band and its audience and Live Nation has pledged to help us with that," he stated.

The deal has not only affected U2, but Live Nation also.

"U2 has created some of the greatest rock music of all time. It has long been our intention to consolidate and extend our relationship," Live Nation's chairman Michael Cohl added.

U2 had their last tour in 2006, and they will hit the road towards the middle of next year.

ANI