Live Nation is on the verge of completing deals to acquire Paul McGuinness’s Principle Management and Guy Oseary’s Maverick.
That’s according to the New York Times, which reports that the double swoop would cost the live giant around $30m.
McGuinness, 64, has managed U2 since the band begun, while Oseary’s Maverick is the long-term management house for Madonna.
According to the Times, the Live Nation double acquisition would see Oseary take over the day-to-day management of U2 while McGuinness would become the chairman of Principle.
McGuinness said in a statement: “It could be seen as slightly poor etiquette for a manager to consider retiring before his artist has split, quit or died, but U2 have never subscribed to the rock and roll code of conduct.
“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.
“I am delighted that Live Nation, who with Arthur Fogel have been our long term touring partners, have joined us in creating this powerful new force in artist management. 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.”
In addition to its core business and concert promotion and its ownership of Ticketmaster, Live Nation also manages around 200 artists through its Artist Nation division.
A new album is expected from U2 in 2014 on the Mercury label.
