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The company's stock most recently landed at $11.93, down substantially from a 52-week high of $20.74.
Monday, October 20, 2008

U2 TAKES STOCK IN LIVE NATION

Band to Receive $19 Million Shares as Part of 12-Year Deal With Concert Promo Giant
Bono will now have almost enough money to solve world poverty, if the stock market holds up, that is.

As part of their recent deal with Live Nation, U2 will receive approximately $19 million worth of the company’s stock as part of a 12-year deal the band signed earlier this year.

In a regulatory filing with the SEC, the L.A.-based concert promotion company registered 1.56 million shares to the Irish rockers.

The agreement, signed last March, includes worldwide touring, merchandising and the band's U2.com Web site. The deal does not include the band’s publishing or recording, with Universal Music Group continuing as their record label.

U2’s last Vertigo tour, which lasted from 2005-07, took in close to $400 million, the second highest-total ever. Touring alone is expected to bring in more than a billion dollars through the length of the deal.

Live Nation has also entered into multi-rights deals with Madonna, Jay-Z, Nickelback and Shakira.

The company's stock most recently landed at $11.93, down substantially from a 52-week high of $20.74.


 
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