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October 19, 2008
Live Nation Pays U2 With Shares
By BLOOMBERG NEWS
The rock band U2 will receive almost $19 million in shares of Live Nation, the concert promoter, as part of a 12-year contract with the company it signed in March.
Live Nation, based in Beverly Hills, Calif., registered 1.56 million shares in a regulatory filing on Thursday with the Securities and Exchange Commission.
Live Nation has been diversifying beyond live performances by signing artists including Madonna and Shawn Carter, known as Jay-Z, to multiyear contracts that include recording and merchandise, as well as touring.
John Vlautin, a company spokesman, declined to comment beyond the filing.
Lori Earl, a spokeswoman for the band - whose members include the singer and frontman Bono, the guitarist the Edge, the bassist Adam Clayton and the drummer Larry Mullen - did not immediately comment.
Live Nation fell 48 cents, to $11.93, on Friday in New York Stock Exchange trading.
Copyright © 2008 The New York Times Company
Posted by Jonathan at October 19, 2008 12:24 PM
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