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U2 signs 12-year deal with Live Nation

Fresh from signing Madonna, the concert promotion company will handle U2's touring, merchandise, and Web site. The band's relationship with its label won't be affected.

U2, one of the world's biggest music draws, has signed a 12-year deal with Live Nation.

PRNewsFoto/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 the Irish music group's touring, 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, 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.