Live Nation buying out U2 and Madonna’s management?

Live Nation is negotiating to buy the management companies behind U2 and Madonna, according to The New York Times.

According to the paper, Live Nation would pay US$30 million for longtime U2 manager Paul McGuiness’ company Principle Management and Madonna’s company Maverick which is run by her manager Guy Oseary.

Its sources suggest that McGuiness will become chairman of Principle, while Oseary will take over the day-to-day management of U2.

At the age of 54, McGuiness is starting to take his foot off the pedal a bit.

There are reports that Oseary is the one who is negotiating deals around U2’s album launch next April. According to Billboard, this will be done via an ad to air during the Super Bowl. Oseary is talking to brands to sponsor the ad.

Oseary has not commented so far on the Times story. But McGuiness in a statement to the paper said:  “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.”