U2 and Madonna aren't two acts that are usually associated together, but that could soon change. The New York Times is reporting that Live Nation Entertainment is close to signing a deal to buy both artists' management companies for more than $30 million.
Under the plan, Live Nation would buy Principle Management, the company run by U2's longtime managerPaul McGuinness, as well as Maverick, Madonna's management firm run by Guy Oseary.
The shocking part of the deal has the 41-year-old Oseary taking over the day-to-day management of U2 from the 62-year-old McGuinness, who has guided Bono and company since nearly the beginning of their career. Under the plan, McGuinness would stay on in a chairman role of Principle.
Although the deal isn't done, McGuinness seemed to confirm it was imminent in a statement that said, "As I approach the musically relevant age of 64, I have resolved to take a less hands-on role as the band embark on the next cycle of their extraordinary career," adding, " I have long regarded Guy Oseary as the best manager of his generation, and there is no one else I would have considered to take over the day-to-day running of our business.”
Source: The New York Times