U2, one of the world's biggest music draws, has signed a 12-year deal with Live Nation.
Live Nation, a concert promotion company that has already inked a so-called 360 deal with Madonna, announced Monday that it will oversee thetouring, merchandise, and Web site.
"We've been dating for over 20 years now, it's about time we tied the knot," lead singer Bono said in a statement. "With regards to U2.com, we feel we've got a great Web site, but we want to make it a lot better."
The band's recording and publishing deal with Universal Music Group remains intact.
Last year, Madonna walked away from a $120 million deal with Warner Music Group to sign a 10-year agreement with Live Nation. Madonna's Live Nation deal contrasts with U2's in that Live Nation has a stake in her entire career, including future music, movie, and TV ventures.
Live Nation has built a reputation for understanding the Internet and Web marketing. Fortune magazine published an excellent story about the Beverly Hills, Calif.-based company. You can read it here.