Live Nation buys Oseary and McGuinness’ management firms for $30m

More than a year following reports that Guy Oseary (who manages U2, Madonna and Alicia Keys), and Paul McGuinness (whose Principle Management was founded to manage U2 36 years ago), were gearing to sell their firms to Live Nation, the deal has been finalised for a reported $30m.

Reports suggest McGuinness, who handed over management duties for U2to Oseary in 2013, has voluntarily liquidated his management firm. The firm, now known as Evergreen Ventures Ltd, has reportedly experienced four years of financial decline. The Declaration of Solvency report revealed the firm lost profits of €1.9m and the estimated realisable value of its assets totalled €1.21m at the time of resolution.

In an interview with the New York Times in November 2013, McGuinness said: "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.”

Last November Oseary teamed with Live Nation and the heads of eight artist management firms to form Maverick. Theywere: Laffitte Management's Ron Laffitte, I Am Other's Caron Veazey, Blueprint Group's Gee Roberson and Cortez Bryant, Reign Deer's Larry Rudolph and Adam Leber, Quest Management's Scott Rodger and Spalding Entertainment's Clarence Spalding.

It’s believed Maverick will operate under Live Nation’s management arm Artist Nation, which includes Lady Gaga, her manager Bobby Campbell, Madonna and Oseary, and over 230 more in the division’s portfolio.

Oseary and McGuinness’ ties with Live Nation run deep; not only does Oseary keep an office in Live Nation’s Beverly Hills HQ, in 2008 the pair inked U2 to a 12-year touring and merchandise deal, and in 2007 Madonna signed a 10-year 360 deal including rights to her new recorded music and publishing.