U2 has been guaranteed a 12-year constant flow of income after striking a deal with Live Nation that will hold the rights to the band's tours, merchandising and website, U2.com. Michael Cohl, Chairman of Board of Live nation and Live Nation Artists, announced that they will collaborate with the band on a variety of the band's music enterprises globally.
"U2 has created some of the greatest rock music of all time and their career has been uniquely successful," said Cohl. "It has long been our intention to consolidate and extend our relationship with U2, so this is a very exciting deal for us. The band has always been forward thinking and as one of our original and most successful artists, we are delighted to be able to work with them for many years into the future."
Being one of Live Nation Artists, U2 will get the privilege of unlocking "value to increase economic benefits to artists through the creation of innovative new products, and delivery and distribution channels for music and other content." The deal which will be finalized next month, however will not affect U2's relationship with their label Universal Music.
Responding to the deal frontman Bono said, "We've been dating for over 20 years now, it's about time we tied the knot. With regards to U2.com, we feel we've got a great website, but we want to make it a lot better. We want a closer, more direct relationship between the band and its audience and Live Nation has pledged to help us with that."