Live Nation To Buy U2, Madonna Management Companies For $30 Million
Live Nation will purchase two major management companies that it already has close ties with, according to reports. The concert giant will pay more than $30 million for Principle Management, run by U2’s longtime manager Paul McGuinness, and Maverick, the company of Guy Oseary, Madonna’s manager.
Live Nation already has long term concert promotion agreements with both artists. In addition to concerts and ticketing, Live Nation also manages 200 acts through its Artist Nation division.
Oseary would become the day-to-day manager of U2, and McGuinness – who has managed U2 for decades would become chairman, according to the New York Times. Most of the parties involved refused comment, but McGuinness issued a statement:
“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.”
I’m sure U2 will do just fine with a new manager but I’d be worried about handing the reigns over at such a late date in their career. I guess plenty of other businesses do it so the music bus shouldn’t be any different.
lets think – who stands to gain ? principle gets a lovely pay off and who knows what it terms of ongoing historical fees and live nation dont have to concede fees to 3rd party management with any future tours and keep it inhouse
thanks