Live Nation Inc. said Monday that it has agreed to a 12-year deal with rock band U2 to manage and promote the Irish band's concerts as well as its merchandise and Web site.
The band's existing contract with Vivendi SA's Universal Music Group for recording will not be affected, Live Nation said in a statement. No financial terms of the deal were disclosed.
In October the Beverly Hills-based entertainment company signed Madonna to a 10-year album, touring and merchandise contract valued at more than $100 million. Live Nation also has purchased a handful of merchandising companies over the past two years in an effort to make it a one-stop shop for promoting, hosting and selling merchandise of performers at its own shows and in its own venues.
Live Nation also plans to end a ticketing deal with West Hollywood-based Ticketmaster, owned by IAC/InterActive Corp., when their contract expires in December and sell its own tickets to shows.
Shares in Live Nation were up 3.6 percent to $12.25 in early trading on the New York Stock Exchange.
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