Business News Deals Management & Funding

U2 confirm Oseary/Live Nation deal, thank McGuinness

By | Published on Monday 16 December 2013

U2

U2 have confirmed that long-time Madonna manager Guy Oseary has now taken over day-to-day management duties for the band via a new Live Nation-backed venture, with their long-term manager Paul McGuinness now having an advisory role.

As previously reported, it emerged last month that McGuinness was planning to merge his Principle Management business with Oseary’s Maverick company to create a new outfit that would be backed by live giant Live Nation, U2’s long-term touring partners, and the firm with which Madonna already has something nearing a 360 degree deal relationship. McGuinness will have a back seat Chairman role at the new venture, with Oseary running things day-to-day as CEO.

The alliance, confirmed by McGuinness last month, had the backing of U2, with Bono seemingly involved in the wheelings and dealings that led to the deal. And earlier this month in a post spotted by Hypebot last week, Bono et al confirmed the change in management to their fans, thanking McGuinness for his guidance to date.

The post reads: “This week U2 finalised and signed a new management contract with Live Nation and Guy Oseary. The band now want to publicly thank Paul McGuinness for his extraordinary leadership, guidance and friendship over the last 35 years. Paul has saved us from ourselves many times over and we would not be U2 without him. Sometime soon, U2 will begin a new adventure around the world and we totally understand and respect Paul’s desire to not run away with the circus – AGAIN”.

The post goes on: “Perhaps more than any music management operation in history, Paul, alongside Trevor, Keryn and the team at Principle Management has always fought for our rights, for our music, for our fans and for the principles that we and he believe in. His central lesson was that if you cared for your ‘art’, you must also ‘take care of business’ as historically with rock and roll bands, the latter has undone the former”.

And on the new arrangement, they concluded: “We are relieved that Paul will remain on as the mentor-in-chief. We’ve known Guy for a long, long time, and we’re excited that, with Paul’s blessing, he’s agreed to take us on. He is a brilliant man with a lot of energy, and knows he has got some big shoes to fill”.



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