October 20, 2008 17:47
U2 to earn $19 million in Live Nation shares
Band reap rewards of massive deal with promoter
Photo Gallery: U2
U2 are on course to earn $19 million as part of the deal they recently signed with Live Nation.
The band will receive 1.56 million shares of the company, after [url=http://www.nme.com/news/u2/35540 ]signing a 12-year deal in March[/url] which covers the Irish rockers' merchandising, digital and branding rights.
According to rollingstone.com, the value of the deal came to light last week in a regulatory filing with the Securities and Exchange Commission.
The band will continue to release records through Universal, and are set to release their new album in 2009.
As previously reported, Madonna signed a groundbreaking $120m (£60m) '360 degree deal' with Live Nation last year - a contract that combined her recording, publishing and touring revenues.
--By our New York staff.
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