News: Business News Archives

May 10, 2008

U2 tower now ready for Elevation

Irish Independent,

After years of planning, wrangling and rowing, it finally looks like the landmark U2 tower is finally set to get off the ground. Plans for the Liffey highrise remain on course even though a formal agreement with the developers has still not been struck.

The Dublin Docklands Development Authority (DDDA) said negotiations between it and the preferred bidders -- a consortium including U2 members -- "are due to be completed shortly."

The DDDA expects "construction of the tower to begin by the end of this year or early next year," a spokesman said.

Geranger Ltd. was chosen by the DDDA as the preferred bidder for the €200m project on Britain Quay in October, beating off competition from Sean Dunne's Mountbrook Homes.

Geranger, a consortium consisting of Ballymore Properties, developer Paddy McKillen and the members of U2, plans to build a skyscraper soaring 60m higher than the Spire.

ENERGY

The scheme contains a design for an egg-shaped recording studio suspended beneath a battery of vertical wind turbines and a huge solar panel at the top. This "energy centre" will raise the overall height from 130 metres to 180 metres.

The Geranger project, a tilted triangular tower designed by Foster & Partners, will include a public viewing platform offering panoramic views over the city and Dublin Bay.

This will be located just below U2's "pod" studio, which will be separated from the structure for acoustic reasons.

Norman Foster's practice is best known for the Swiss Re or "Gherkin" tower in the city of London.

DDDA director of architecture John McLaughlin said that the Foster scheme "had the edge because its public spaces were really well handled" and it provided a gateway to a bridge over the Dodder where it joins the Liffey.

In addition to the tower, which will largely comprise luxury apartments, the scheme includes a five-star hotel in a flanking building, and a block of 34 social and affordable apartments.

Posted by Jonathan at 04:57 PM | Comments (0)

April 20, 2008

Temple Bar chief backs U2 plan for Clarence

By Colin Bartley, Independent.ie,

THE architect at the centre of the 1990s regeneration of Temple Bar yesterday said if ambitious plans like those for U2's Clarence Hotel were on the table back then he would have backed them.

James Howley, who oversaw much of the regeneration of the cultural centre of Dublin, told a hearing of An Bord Pleanala into plans to transform the Clarence site: "It is important to understand the meaning and essence of the term conservation, which is often mistakenly confused with those of preservation."

Mr Howley came out strongly in favour of the project and said: "None of the six buildings on the site is of high architectural merit, neither in external appearance nor interior design."

The conservation of the hotel was the main focus of discussions at the third day of the hearing, when final oral submissions were heard. Meanwhile opponents argued that the plans amount to the demolition of the listed hotel.

Proponents of the plan said four of the six buildings were not listed in the original Temple Bar regeneration plans of 1985 and were only added as protected structures in the plan of 1999-2000.

The proposed development by the Clarence Partnership, whose members include U2's Bono and The Edge and renowned hoteliers David Quinlan and Paddy McKinley, would see the hotel expand from 44 rooms to a 141-room, eight-storey hotel at a cost of €150m.

Rooftop

The ambitious plan includes a rooftop garden and innovative sky-catcher light well, housed in an ellipse, which will see the height of the hotel rise over two metres above its current height.

Mr Andrew Bowe, representing the designer, world renowned architect Norman Foster, said the increase in height would soften the views of the Liffey skyline, where at present only certain buildings are visible, such as the Central Bank and the Four Courts.

Mr Bowe's presentation stated that cities constantly change and there is heritage value in the Clarence Hotel proposal. He said it would be the most sustainable hotel in Europe due to its design, which means it will be naturally ventilated, lit and heated.

He added that because of its owners and its location, it would create its own heritage in the future. Opponents of the plans were adamant that the structure of the building should remain, and argued what they see as the demolition of the buildings should only happen in exceptional circumstances.

- Colin Bartley

Posted by Jonathan at 06:12 AM | Comments (0)

April 15, 2008

Bono's huge hotel plans

Rocker Bono wants to spend a staggering $237.2 million turning the hotel he owns in his native Dublin, Ireland into a spectacular city resort.

The U2 frontman and bandmate The Edge bought the 156 year old Clarence Hotel in 1992.

Now the pair have hired award-winning architect Sir Norman Foster to draw up plans for a spectacular overhaul of the 49-room hotel - with designs which include a glass atrium in the shape of a Viking long boat.

The plans have been passed by the city council, but have been met with opposition from locals, who object to the partial demolition of several historic local buildings.

Bono and The Edge will have to appear before a planning board in the next week.

A source tells the New York Post, "This meeting, like the hotel project, is very important to him and he is in Dublin to make sure everything goes well."

Posted by Jonathan at 03:10 AM | Comments (0)

February 29, 2008

Dublin split over the U2 Tower

Dubliners like a good debate and a recent hot topic of discussion has been the U2 Tower, the development in the city's docks area that has earned its nickname through the involvement of Bono and other members of the Irish rock band.

Paul Shearer, Times Online

Prices have been falling across most of Ireland, but in the capital developers have not lost their appetite for looking skywards. Dublin, the argument runs, is suffering from urban sprawl. Traffic is clogging up and polluting the city and surrounding suburbs. The city council says that it has been losing tax revenue as business park and retail developments have been built outside the city. So the developers' solution is to build tall in the city centre - a decision that has caused considerable local controversy, as similar schemes have done in London.

Last October Geranger, a consortium consisting of Ballymore Properties, Patrick McKillen and August Partners (representing U2 band members and management), were selected by the docklands authority as provisional preferred bidders for the U2 Tower, which will have a recording studio for the band at the top. Foster & Partners, the consortium's architects, have proposed a 130m (430 ft) mixed-use tower on the landmark site at the meeting point of the River Liffey, the River Dodder and the Grand Canal. This scheme replaced a proposal for a 60m tower; some were annoyed that the first scheme was so unceremoniously dropped in favour of the Foster design. On the other side of the river, another 100m-plus structure is planned, the Point Village Watchtower, which will combine with the Foster tower to create a gateway.

Geranger hopes to achieve preferred bidder status in the near future, once it has submitted more detailed plans that should clarify the height of the building and the status of the U2 studio, a suspended egg-shaped pod. A spokeswoman for Ballymore said that the consortium is anticipating starting work on the building within the next 12 months. But there are those who do not see this as a positive development.

Ian Lumley, of An Taisce, the National Trust for Ireland, says: “We were very happy with the original 60m proposal and don't see the need for these megalomaniac schemes. The previous plan was very harmonious and these new proposals threaten to undermine the good relations that have been built up in the area between residents and developers.” The trust's view is that developers overpaid for the land and are trying to recoup the cost by building higher. It queries whether the U2 Tower scheme has had a proper environmental impact assessment.

Dublin City Council recently published a consultation document, Maximising the City's Potential, which addresses the issue: “High buildings have a part to play as ... high-density clusters with significant capacity to promote urban regeneration and increase Dublin's competitive edge.”

An Taisce has plans to table a strongly worded objection. “These proposals threaten to destroy one of the last great low-rise European city centres,” Lumley says.

The trend for high-rise is not confined to the historic centre of Dublin. In June last year the developer Sean Dunne submitted plans for the seven-acre Jurys Berkeley Court site in the smart neighbourhood of Ballsbridge. These included a 37-storey, 132m tower as the centrepiece: its architect, Ulrik Raysse, described it as “cut like a diamond”. The plans, however, cut no ice with planners: after vociferous local opposition, they requested further details from the developer. These were submitted in January; the council is due to reply by next week.

Fact file

The Dublin Docklands Development Authority, established in 1999, has its own special planning zone, and it has not been reluctant to flex its planning muscle to bring internationally renowned architects to the regeneration project of the docks. The Irish architect Kevin Roche is building a €400 million (£301 million) convention centre, Studio Libeskind is building a 2,000-seat theatre, and there will be a five-star hotel designed by the architect Manuel Aires Mateus. Other reputed architects have been building bridges across the dock - the Catalan designer Santiago Calatrava is working on the delightfully named Samuel Beckett Bridge.

The Numbers

Stamp duty in Ireland was reformed last year. Seven rates were replaced with two: a 7 per cent levy on properties from €125,000 (£94,000) to €1million, and a 9 per cent rate above €1million.

The average price for a two-bed flat in Co Dublin is €405,986, down 1.96 per cent in the last quarter of 2007. The average three-bed semi is €512,657, down 1.13 per cent (www.myhome.ie ).

The number of new-build homes in Ireland is set to fall by almost a third, from nearly 90,000 in 2007 to 50,000-60,000 in 2008 (www.lisney.com ).

Posted by Jonathan at 06:35 PM | Comments (0)

February 22, 2008

Bono's Dublin Hotel Plan Pits Rocker Against Preservationists

By Dara Doyle

Feb. 21 (Bloomberg) -- U2's Bono helped persuade George W. Bush and Tony Blair to increase African aid and cancel a portion of Third World debt. Ireland's most famous rock star is finding it harder to charm Dublin preservationists as he seeks to expand the 177-year-old Clarence Hotel.

The singer failed to win over opponents with several bottles of wine and lunch at the Clarence in September, said Michael Smith, former chairman of An Taisce, an independent planning watchdog. The 150 million-euro ($220 million) project would triple the hotel's size and top it with a panoramic glass bar.

"The Clarence demolition is an old-fashioned money-driven, anti-environmental exploit," said Smith, 42, who attended the lunch. "Bono is behaving like just another private-jet-addicted property speculator feeding on Ireland's greedy zeitgeist."

It's the latest controversy to entangle the U2 front man, who has worked with governments and corporations to fight AIDS and reduce poverty. Members of the Irish parliament criticized U2 for moving its music publishing company to the Netherlands to avoid taxes in 2006. The band is also behind a new skyscraper called the U2 Tower, which some neighbors call an eyesore.

Bono, whose name at birth was Paul Hewson, bought the 49- room hotel in 1993 with U2 guitarist David Evans, better known as The Edge. The renovation involves tearing down four adjacent Georgian buildings, gutting the hotel and expanding it to 140 rooms.

`Discredited' Design

While critics liken the sky bar to landing a spaceship atop the Clarence, manager Oliver Sevestre said the project was approved in part because it would make the hotel a landmark in Dublin's Temple Bar district. The plans were developed by British architect Norman Foster, perhaps best known for the gherkin- shaped London tower he designed for Swiss Reinsurance Co.

"It's a great asset to sell Dublin and the country," Sevestre said during an interview in the Clarence's 2,700-euro-a- night penthouse suite.

Located on the River Liffey and enclosed by fragments of Dublin's 12th century city walls, Temple Bar is filled with art galleries and pubs.

Foster's architects say preserving the exteriors and salvaging the original fireplaces, windows and doors will retain the essence of the Clarence. That was rejected by the Dublin City Council's conservation architect, Clare Hogan, who called the plan to keep the exteriors alone a "discredited and meaningless" act of historical preservation.

Clinton's Hotel

Nonetheless, city officials approved Foster's plan in November, saying the hotel facelift would help Dublin's economy and therefore justify tearing down protected buildings.

Though the Clarence has attracted guests such as former U.S. President Bill Clinton, it may not have been the band mates' wisest investment.

While the hotel made an operating profit of 148,800 euros in 2006, investors wrote off 9.04 million euros of loans that year, accounts filed in Dublin show. In 2005, the hotel reported a loss of 575,000 euros. The renovation plan is also backed by Clarence investors Paddy McKillen and Derek Quinlan, two Dublin property developers.

"I would say we are making sense financially," Sevestre said. "It is difficult to make more sense financially because the size of the hotel means we can't maximize the price that we charge each night."

It's that pursuit of profit that has left U2 open to criticism. The band is also backing a 120-meter (394-foot) tower in the Dublin's docklands. The U2 Tower, to be completed in 2011, would be the city's tallest building.

"Taken together, these are two egomaniacal projects," said Ian Lumley, a spokesman for An Taisce.

Art Vs. Commerce

Some back Bono and Foster's vision for the hotel.

Conor Martin, who controls the Purty Loft bar opposite the hotel, withdrew his opposition after he was persuaded the project would benefit the city.

"It is a poor reflection on Dublin and the rest of the country if we turn it down," he said in a letter to city officials.

Bono, who wasn't available for an interview, has said there's no conflict between his activism and investments.

"I long since grew out of the idea that artists good, businessmen bad," Bono said Jan. 24 at the World Economic Forum's annual meeting in Davos, Switzerland. "I got over that one when I was 22."

Smith is taking the Clarence fight to the planning appeals board, which is expected to issue a decision within four months.

Seasoned Campaigner

He is a tenacious opponent. In 1995, angered by what he said was the cozy relationship between politicians and developers, Smith placed a newspaper ad offering a 10,000 Irish-punt ($18,579) reward for information leading to corruption convictions.

Though the reward was never paid, the campaign triggered a 10-year probe of bribery allegations, leading to the current investigation of Prime Minister Bertie Ahern's finances. Ahern denies any wrongdoing.

Even after lunch with his "perfectly gracious" host, Smith is carrying on the fight against a man who once gave Pope John Paul II a pair of wraparound sunglasses.

"If assessed for good old-fashioned rock star glamour, this proposal is a success," Smith said in his written appeal against the project. "Unfortunately for the owners, the Clarence is not a pair of sunglasses."

Posted by Jonathan at 10:14 PM | Comments (0)

February 06, 2008

Bottom Line for (Red)

The "Red" campaign launched a year ago by rock star Bono has generated more than $22 million to fight H.I.V. and AIDS in Rwanda, but critics say not enough money is getting to clinics.

By Ron Nixon, The New York Times

KIGALI, Rwanda - A year ago, staff members at the Treatment and Research AIDS Center could barely cope. Patients, unable to find care elsewhere, flowed in from every corner of the country. And if one of them was fortunate enough to find a bed here, she often had to share it.

At the Treatment and Research AIDS Center in Kigali, doctors now have more time for patients, in part because of Red money.

Today, a dozen patients, mostly women, sit in neat waiting rooms, laughing and talking as children play around them. Doctors greet one another as they make their rounds, and take all the time they need to explain the complicated schedule H.I.V. drugs require.

According to the center’s managing director, Dr. Anita Asiimwe, doctors spend less time on crises and more time researching how to slow H.I.V. transmission in this tiny African nation, still recovering from a genocide in 1994.

Dr. Asiimwe thanks an unlikely benefactor for all these improvements: the American shopper.

Just over a year ago, the rock star Bono started Red, a campaign that combined consumerism and altruism. Since then, consumers have generated more than $22 million to fight H.I.V. and AIDS in Rwanda by buying iPods, T-shirts, watches, cologne and most recently — as anyone who watched the Super Bowl knows — laptops, with all of them branded “(Product)RED.”

According to Rwandan officials, Red contributions have built 33 testing and treatment centers, supplied medicine for more than 6,000 women to keep them from transmitting H.I.V. to their babies, and financed counseling and testing for thousands more patients.

Yet detractors say Red has fallen short. They criticize a lack of transparency at the company and its partners over how much they make from Red products, and whether they spend more money on Africa or advertising.

“Look at all the promotions they’ve put out,” said Inger L. Stole, a communications professor at the University of Illinois. “The ads seem to be more about promoting the companies and how good they are than the issue of AIDS.”

In the Super Bowl ad Sunday, which promoted Dell’s recent Red debut, a man buys a Red laptop and finds himself cheered in the street by strangers and kissed by a beautiful woman. At the end of the commercial, three screens flash in rapid succession: “Buy Dell. Join (RED). Save Lives.”

In its March 2007 issue, Advertising Age magazine reported that Red companies had collectively spent as much as $100 million in advertising and raised only $18 million. Officials of the campaign said then that the companies had spent $50 million on advertising and that the amount raised was $25 million. Advertising Age stood by its article.

The Red campaign itself does not advertise, said Susan Smith Ellis, the chief executive. Instead, companies pay Red a licensing fee to label one or more of their products “(RED).” Then, they pay a portion of sales from those products to the Global Fund, a public-private charity set up six years ago to fight AIDS, malaria and tuberculosis in Africa. The fund sends the money to three countries — Rwanda, Ghana and Swaziland — to help women and children infected with H.I.V. and to educate those who are uninfected in how to stay that way.

The percentage of profit that goes to the fund depends on the item and the company. For instance, 1 percent of all spending on American Express’s Red cards goes to the fund, as do 50 percent of net profits from the sale of Gap Red items and $8.50 from each sale of a Motorola Red Motorazr.

In return, the companies can market themselves as socially conscious and, ideally, increase sales. (Neither Red nor the companies would disclose revenue or total contributions by company or product.)

According to a 2006 poll by Cone Inc., a marketing agency in Boston, 89 percent of Americans between 13 and 25 would switch from one brand to another associated with a “good cause,” if products and prices were comparable.

Over all, more than $59 million has been contributed by Red and its corporate partners to the Global Fund. Red-financed projects have helped put more than 30,000 people on antiretroviral treatment and provided more than 300,000 H.I.V.-positive pregnant women with counseling and treatment, according to data from Red and the fund.

Red and its donors have contributed nearly all the corporate money that has gone to the fund, which had $2.4 billion in 2007. This made Red the 15th-largest donor — more than Russia has given so far, and more than China, Saudi Arabia and Switzerland have pledged.

Officials at Gap and Hallmark Cards say the two companies financed African H.I.V. programs even before joining Red.

All told, Red’s contributions make up less than 2 percent of the Global Fund’s total. And the money from Red does not increase funding for the Global Fund programs it is directed to; instead, it allows the fund to shift money to other programs. Red’s contributions also do not necessarily go to the countries hardest hit by H.I.V. and AIDS; they go only to programs with proven success records.

Christoph Benn, an official at the Global Fund, said Red contributions allowed the fund to divert money to programs in 136 other countries and to increase its visibility.

Marketing centered on social causes is not new. American Express began the first “cause marketing” campaign in 1983, for the Statue of Liberty restoration project. Donating a penny to the project for every cardholder purchase, the company raised $1.7 million. American Express card use increased 27 percent, and card applications rose 45 percent.

Other companies were quick to follow suit.

But Red has taken the merger of marketing and philanthropy to new levels, becoming one of the largest consumer-based income-generating initiatives by the private sector for an international humanitarian cause.

The Red co-founder Bobby Shriver, a nephew of John F. Kennedy, said Red was an extension of his efforts to address financial and health problems in Africa. Bono and Mr. Shriver also founded Debt AIDS Trade Africa, known as DATA, an organization that lobbies for debt relief as well as AIDS funds.

When the two men decided to tackle H.I.V. and AIDS and the dearth of access to antiretroviral drugs, they wanted to take a different approach to raising funds.

“I hate begging for money,” Mr. Shriver said. “In most cases when you go and ask for a corporate donation, they’ll cut you a check and that’s it. We wanted something that was more sustainable.”

But that argument has not impressed some activists and bloggers, who say the primary beneficiaries of cause-marketing campaigns are businesses.

Ben Davis of San Francisco, who created a Red parody online that says “Buy(Less),” is encouraging consumers to give more directly to nonprofits that support AIDS programs in Africa.

“I just think that increased consumption in America can’t be the only way to solve Africa’s problem,” Mr. Davis said.

Mark H. Rosenman, a professor of public service at Union Institute and University in Cincinnati, noted a more basic objection to Red and cause marketing.

“There is a broadening concern that business marketing is taking on the patina of philanthropy and crowding out philanthropic activity and even substituting for it,” he said.

Indeed, according to a survey by the Conference Board, a business research organization, business leaders are increasingly aligning their giving with business needs. In a 2007 survey of companies, 77 percent said that this was the most critical factor affecting their giving.

Brook K. Baker, a Northeastern University professor and chairman of Health GAP, a network of nonprofit groups seeking greater H.I.V. and AIDS funding, says that is the problem. “Do we really want something as important as H.I.V.-AIDS to be funded by holiday shoppers?” he asked.

In an interview in Rwanda, Tamsin Smith, president of Red, said such criticism missed the point. “We’re not encouraging people to buy more, but if they’re going to buy a pair of Armani sunglasses, we’re trying to get a cut of that for a good cause,” she said.

Ms. Smith, who formerly led Gap’s government affairs department, also takes issue with those who criticize Red advertising.

“Red is not a charity; it’s a business,” she said.

At the Treatment and Research AIDS Center in Kigali, Dr. Asiimwe said that whatever the motivations of the Red companies, the spillover of American spending has made a real difference.

“When I was going to medical school a few years back, we would see patients and send them home knowing they were going to die without medication,” she said. “I don’t feel that way now. The money we get from Red through the Global Fund is helping to save lives. That’s the important thing.”

Ron Nixon reported from Rwanda last year and added updated information from New York.

Posted by Jonathan at 04:27 PM | Comments (0)

February 01, 2008

U2 May Be Next to Leave Record Biz

Roger Friedman, Fox News

I told you earlier this week that the Rolling Stones are looking at a deal with concert promoter Live Nation that would also cover the release of their CDs. The deal is similar to the one Madonna signed in 2007.

Now I'm told that at least two more big acts are in talks with Live Nation along similar lines. The most surprising of these is U2, which has spent its entire career on either Island Records or a company connected to it, Interscope. They are all part of the Universal Music Group.

But times are changing quickly in what's left of the music business, and U2 is said to be wanting out. If they go with Live Nation, their exit from UMG will be a blow to all, including Doug Morris and Jimmy Iovine, the group's principal contacts.

My sources say the group's most recent release, 2004's "How to Dismantle an Atomic Bomb," fulfilled their Interscope contract. UMG also released a remastered version of the group's seminal album, "The Joshua Tree," recently. That also may have concluded the contract.

Interestingly, the current U2 movie, a 3D concert film that's received high praise, has no CD soundtrack to accompany it. Considering that U2's catalog is light on live recordings, the lack of an Interscope CD does set off alarms.

A few months ago, you'll recall that U2's savvy manager, Paul McGuiness, told me that the group will have at least two new releases in 2008: their Broadway "Spiderman" musical and a separate rock album.

It's entirely possible that those two releases would form the basis of a new deal, perhaps with Live Nation. The "Spiderman" musical is set to be directed by Julie Taymor ("The Lion King") and may feature members of the cast of her 2007 Beatles film, "Across the Universe."

The other artist I'm told is talking to Live Nation is Christian singer Michael W. Smith. The singer records for Franklin, Tenn.-based Reunion Records and has an enormous following in the Christian niche market.

If U2 makes this kind of deal, along with the Stones and Madonna, soon all bets will be off at the majors over long term or heritage artists. The Eagles are already on their own through Wal-Mart, Paul McCartney, James Taylor, Carly Simon and Joni Mitchell have jumped to Starbucks' Hear Music, and Radiohead deserted EMI for their own company.

Posted by Jonathan at 03:48 PM | Comments (0)

December 03, 2007

Building plans give U2 hometown blues

Critics say Foster design will ruin Dublin skyline. Band accused of ignoring impact of rising sea level

Henry McDonald in Dublin, The Guardian

Abroad, the biggest rock band on the planet are lauded as the champions of the poor and the conscience of rich nations normally indifferent to global poverty.

But at home in their native Dublin, U2 have become embroiled in a row with Irish environmentalists over two building projects, with Bono and co accused of arrogance.

U2 have also come under fire for moving their music publishing company from the Irish Republic to the continent in order to pay a lower rate of tax on their royalties.

Ireland's equivalent of the National Trust - An Taisce - has denounced U2's plans to partly demolish and redevelop a hotel they own by the river Liffey in Dublin. An Taisce has also demanded a public inquiry into the new "U2 Tower", which, at 32 storeys, would be the highest building in Ireland.

Sited at the mouth of Dublin Bay, the U2 Tower will be designed by Norman Foster. An Taisce fears it will blight the Georgian cityscape on the southern side of the Liffey.

"Our biggest concern is that the U2 Tower will stick out of the skyline from parts of Georgian Dublin like Merrion Square. It could potentially be an incongruous blot on the skyline on the south side of the city," said Ian Lumley, An Taisce's national heritage officer.

Lumley claimed there was no proper environmental impact survey carried out for the proposed project. Nor, he said, had U2 or the planners taken into consideration one of the band's global concerns: the impact of climate change.

"From the limited information we have seen about the proposed tower there is no consideration being taken into the impact of rising sea levels," he added. "This tower is at the mouth of Dublin Bay and yet no provision has been made as to the effect of rising sea levels on an entire area earmarked for more residential living as well as businesses. For all these reasons there has to be an independent public inquiry before this project is allowed to go ahead."

Further down the Liffey there is more controversy about another U2-owned property, The Clarence hotel, which the band revitalised thanks in part to a tax-exemption scheme in the 1990s aimed at reviving the entire Temple Bar district.

U2 plans a €150m (£100m) revamp of The Clarence, which Bono has promised will turn it into one of the most spectacular hotels in Europe. This project has been criticised by An Taisce and veteran environmentalist Mike Smith.

Smith accused U2 of acting arrogantly over the Clarence plan. He warned that if Ireland's planning authority, An Bord Pleanála, allowed the scheme to go through he would go to court to halt it.

"Since 2000 Ireland has had strong protection for listed buildings which are now called 'protected structures'," Smith said. "In the case of The Clarence the developers' belief that there is an exceptional need to pander to international five-star punters' alleged insistence on underground parking and swimming pools is unlikely to pass muster ... If An Bord Pleanála say yes I will go straight to the high court to block what U2 are planning."

He was also scathing of U2's decision to move part of its music operations out of Ireland to the Netherlands, and added: "The common good is not served by allowing the richest people in Ireland to build with the benefit of tax incentives, which is what happened to Temple Bar and The Clarence, only to demolish when they get bored," Smith added.

A spokesman for The Clarence hotel project said that it would encourage investment in the city. "It will help the Irish economy to retain its reputation as progressive and sustainable by providing facilities and services to business and tourism clientele as well as local residents," he added.

Posted by Jonathan at 07:14 AM | Comments (0)

June 04, 2007

Bono Helps Bail Out Palm

Palm Inc.'s financial future looked a little more secure Monday as private-equity firm Elevation Partners said it will pump US$325 million into the mobile device manufacturer.

In recent months, rumors have swirled that Palm would be acquired by either Motorola Inc. or Nokia Corp. as the company faces increasingly aggressive competition in the smartphone market.

The recapitalization plan will see Elevation take a 25 percent equity stake in Palm, valuing the company at $8.50 per share, a premium of around 16 percent compared with the stock's performance over the last 10 trading days. Elevation is a $1.9 billion private-equity firm and one of its five partners is Bono, the lead singer of Irish rock band U2. The investment in Palm is by far the largest the firm has ever made.

The device maker has also secured $400 million and a $40 million revolving credit facility. Palm will use the proceeds from the sale of its stock and the proceeds from the new debt to fund a $9 per share cash distribution to its shareholders, excluding Elevation. The total amount of money shareholders will receive will be around $940 million. Palm expects the move will leave it with more than $300 million of cash on its balance sheet.

Subject to shareholder approval and other closing conditions, Palm expects to complete the recapitalization in the third quarter of this calendar year.

Once the deal closes, there will also be changes in Palm's board of directors.

Jon Rubinstein, Apple Inc.'s former vice president of hardware engineering and head of its iPod division, will become executive chairman of Palm's board. He will also head up Palm's product development efforts. Besides helping create the iPod music player, Rubinstein had a hand in building the iMac computer. He's seen as instrumental in Apple's successful turnaround, responsible for revamping the company's engineering teams, product road maps and manufacturing processes.

Current Chairman Eric Benhamou and board member D. Scott Mercer will resign from Palm's board and will be replaced by Rubinstein along with Fred Anderson and Roger McNamee, managing directors and co-founders of Elevation. Palm will increase the size of its board from eight to nine members. Anderson was Apple's chief financial officer from 1996 to 2004 and McNamee is a long-time venture capitalist.

The transaction means that Palm will strengthen its leadership team and "create a more effective capital structure," putting it in "a great position to attract new talent, significantly strengthen our execution capabilities, and deliver long-term shareholder value," Ed Colligan, Palm president and CEO, said in a statement.

Along with its handheld devices and Treo smartphones, Palm last week debuted a handheld computer called Foleo, which it calls a smartphone companion device.

Posted by Jonathan at 03:23 PM | Comments (0)

April 28, 2007

They're worth all of (EU)715m ... but U2 still fall down the rich list

Jason O'Brien

Rock band U2 now have an estimated collective fortune of (EU)715m...but even that huge wealth is only enough to secure 20th position on this year's Irish Rich List.

The full list will be published on Sunday and is again expected to be topped by Dublin-born model Hilary Weston, who married into a retailing dynasty in Canada and has an estimated fortune of (EU)7bn.

But the fall of Bono and the boys from 13th position on the list -- despite earning more than (EU)25m last year from their Vertigo tour -- highlights the increasing competition at the top of the Irish rich list.

A number of property magnates are understood to have overtaken U2, and the number of Irish billionaires has also increased from last year's total of seven.

Quinn Group chairman Sean Quinn and Independent Newspapers chairman Sir Anthony O'Reilly are believed to be among the top three richest. However, the four U2 band members -- who split their earnings with manager Paul McGuinness -- continue to top the separate list of Irish music entertainers, which was released yesterday.

Lord of the Dance star Michael Flatley is the runner-up with his estimated (EU)550m fortune. He is followed by reclusive singer Enya, who was Ireland's best-selling artist last year and saw her personal fortune top (EU)112m. Others on the list include Van Morrison (EU74m), Bob Geldof (EU51m), and Chris de Burgh (EU46m).

The full Sunday Times Rich List -- including 1,000 of the wealthiest individuals and families in Britain and 250 in Ireland -- will be published on Sunday.

But the full music entertainment list shows that the only band that continues to tour and have more cash roll in than U2 is the Rolling Stones, with (EU)835m.

The reclusive former record label boss Clive Calder tops the entertainment list easily. The fortune of the man behind pop acts such as Britney Spears and N'Sync is valued at (EU)1.9bn.

Paul McCartney may be facing an estimated (EU)140m divorce payout to Heather Mills but even when that is taken into account his wealth is still valued at (EU)1.06bn.

That is slightly less than Andrew Lloyd Webber (EU1.1bn), but ahead of the man best known as David Beckham's agent. Simon Fuller's wealth (EU660m) now stands at more than four times that of the Real Madrid star, despite Beckham's impending megabucks transfer to LA Galaxy later this year. When it comes to young musicians, Irish stars are thin on the ground although Belfast-based Katie Melua takes 11th spot with estimated earnings of almost (EU)12m.

Violinist Vanessa-Mae Nicholson (28) tops the list. The Singapore-born star of the electric violin is worth (EU)46m.

Posted by Brenda at 10:11 AM | Comments (0)

February 21, 2007

Beautiful day: U2 manager's Principle Management profits rise to EU283,003

Ian Guider

Profits at Paul McGuinness's Principle Management company grew last year, newly-filed accounts show.

The company, which manages U2 and other acts like Paddy Casey, made a pre-tax profit of EU283,003 in the year to end March 2006, up from EU203,170. The profits would have been even better were it not for a EU400,000 write off in the cost of an "unlisted investment," the accounts said.

Mr. McGuinness set up Principle more than 20 years ago and is the majority shareholder in the company. His business partner Trevor Bowen owns the remaining shares.

Mr. McGuinness has been with U2 since the band started in the 1980s and is widely referred to as its fifth member. He has also represented acts like PJ Harvey and Sinead O'Connor.

According to the Principle accounts, turnover for the years increased to EU4.5 million from EU3.7m. Even with higher administrative expenses operating profits at the end March 2006 increased to EU558,755 from EU111,661.

The company's balance sheet shows retained profits of EU7.7m. No dividends were paid out.

Salary and pension costs for Principle's three directors amounted to EU1.4m, a slight rise year-on-year. The directors are listed as Mr. McGuinness, Mr. Bowen and an American Keryn Kaplan.

The company employs 16 people at its Dublin base and also has an office in New York.

Principle's accounts also reveal that it owes just over 10m in loans to Mr. McGuinness. During the year he advanced the company EU8m in loans.

Posted by Jonathan at 05:06 AM | Comments (0)

January 16, 2007

Developer joins U2 stars in EU150m Clarence project

Frank McDonald, Irish Times

Dublin's Clarence Hotel, owned by U2's Bono and the Edge, in partnership with property developer Paddy McKillen, is to be redeveloped at a cost of EU150 million as "one of the most spectacular city hotels in Europe".

The scheme, designed by international architects Foster and Partners, is to be submitted shortly to Dublin City Council. It would incorporate the former Dollard printing works and four Georgian buildings on Wellington Quay.

Only the quayside facades of the existing hotel and adjoining buildings - all of which are protected structures - would be retained, although the oak panelling from the Clarence's Octagon Bar is to be salvaged for re-use.

The rear elevations of the hotel and adjoining buildings on East Essex Street would be demolished in their entirety and replaced by a undulating glazed facade, with shops and cafes at street level and bedrooms above.

The existing hotel, which has only 34 bedrooms, has lost up to EU12 million since its refurbishment 10 years' ago. Bono (Paul Hewson) and the Edge (David Evans) were advised to sell, but decided to bring Mr McKillen on board.

They set up the Clarence Partnership, which is split 50-50 between the two U2 band members on the one hand and Mr McKillen on the other. His largest project in Dublin to date has been the Jervis Centre on Mary Street.

A hotel for the past 140 years, the new Clarence will have 114 bedrooms and 28 suites, if planning permission is granted for the project. It will also have a 1,360sq m (14,640sq ft) spa - the first on this scale in central Dublin.

Andy Bow, a senior partner in Norman Foster's practice, said the new hotel would be organised around a "skycatcher" atrium - shaped like an elongated hourglass - rising from a 25-metre swimming pool in the basement to the roof.

An elliptical canopy with a reflective surface - a "white hovering halo", as Mr Bow described it - would cover the structure, uniting its different elements, and this would be topped by a fully-glazed "skyroom" with panoramic views.

The development will incorporate a number of sustainability strategies, including natural light and ventilation, to ensure that it will function as an energy-efficient and environmentally sensitive mixed-use hotel, spa and conference facility.

Mr Bow said the city council's planners were "hugely supportive" of the scheme, while conservationists were also positive. "There's a sense that people think it would be great to have a 21st century hotel like this in Dublin."

Norman Foster described it as "an ambitious project - architecturally and structurally [ that] presents an exciting opportunity to regenerate Temple Bar's river frontage, while also creating a bold new addition to Dublin's skyline."

Posted by Brenda at 11:59 AM | Comments (0)

November 03, 2006

EU To Rule On Purchase of BMG

BRUSSELS (AP) - EU regulators on Monday set a Dec. 8 deadline to rule on Universal Music Group's plans to buy BMG Music Publishing for $2.09 billion.

BMG - owned by German media company Bertelsmann AG - has the rights to more than a million songs by recording artists such as Nelly, Maroon 5 and Coldplay, as well as classic hits by the Beach Boys, Barry Manilow and other entertainers.

Vivendi SA's Universal is the world's largest music company.

Its purchase of BMG Music Publishing must be cleared by both EU and U.S. regulators. It is likely to face careful scrutiny in Europe after an EU court in July overturned the European Commission's go-ahead from a merger between the music units of Sony and Bertelsmann AG.

That deal - reducing the number of major record companies from five to four - must be re-examined and analysts warned it could raise the stakes for similar mergers. The Commission has already said it had to watch the music sector closely to check that antitrust rules are not being broken.

EMI suspended $4.6 billion takeover talks with U.S. rival Warner Music Group after the court ruling since it cast doubt on whether an EMI-Warner deal would receive regulatory approval.

The Court of First Instance - the EU's second-highest court - said regulators had not properly shown that there was a monopoly in the recording industry before the deal or that there would not be one afterward.

It also said the Commission did not explain why it dropped earlier charges that the deal could exacerbate "tacit collusion" in the industry, leading to higher CD prices and less choice for consumers in a market where there is already too little competition.

Posted by Brenda at 03:48 PM | Comments (0)

October 19, 2006

U2 Firm Cuts Losses to £2.9m in 2005

BizWorld

Not Us Ltd, the core business behind the rock group, U2, has cut losses to £2.9m from £18.81m.

The improvement came as the band embarked on the Vertigo world tour after the release of their 14th album, How to Dismantle an Atomic Bomb.

Part of the group's business empire have moved to the Netherlands for tax reasons.

Band members Bono, the Edge, Adam Clayton and Larry Mullen jnr are directors of Not Us Ltd, in which they each hold a 25 per cent stake.

Accounts just filed for this firm provide a partial picture of U2's business dealings and their wealth, which is managed in a private partnership and estimated at more than £600 million, the Irish Times reported.

However, the Dublin-registered Not Us holds the band's interests in 10 subsidiaries in Ireland, Britain and the US, which manage its recording, touring and merchandising interests.

These include U2 Ltd, a company engaged in the production of master tapes which is believed to be one of the businesses that moved to the Netherlands this year. The band members resigned as directors of this company last June and were replaced by Dutch lawyer Roelof Kloeten, Dutch accountant Jan Favie and Dublin accountant Gaby Smyth.

The Not Us annual filing for 2005 says the balance due from Not Us to U2 Ltd at the end of 2005 was £3.87m.

Posted by Brenda at 06:49 PM | Comments (0)

October 09, 2006

U2 to split from Island Records

By Anthony Barnes

After 26 years and global sales of around 150 million albums, U2, arguably the world's biggest band, have quit the record label that discovered them.

Insiders claimed yesterday that the band's members, led by Bono, became fed up with the Island Records' senior management's "hands-off" approach towards them, despite their having generated hundreds of millions of pounds for the label.

Friends said yesterday that the final straw came during a recent recording session in London.

While Bono and the band worked on new tracks to add to their latest "Best of" compilation, no one from Island Records dropped by to meet them.

One observer claimed this "put their noses out of joint" and did nothing to help the deteriorating relationship.

Their closest ally at the label, the former general manager Jason Iley, was appointed managing director of Mercury Records last year, and the band have now followed him there.

U2 have frequently said they owe their career to Island and that its founding boss, Chris Blackwell, was instrumental to their career.

No other label had shown any interest in giving them a deal when the band were signed in 1980.

Despite leaving Island, the band will remain within the Universal Music Group.

The first release on the new label will be a charity single next month.

- INDEPENDENT

Posted by Jonathan at 04:33 AM | Comments (0)

August 03, 2006

Higher Than the Sun

A Southside environmental group says it is trying to obtain documents relating to the planning process surrounding the U2 Tower in a bid to stop the development. The Dublin Docklands Development Authority (DDDA) is currently seeking expressions of interest from 'world-class' development teams to compete for the opportunity to design, construct and finance the new U2 Tower at Grand Canal Dock.

To the chagrin of locals in Ringsend, the development, which would be carried out by the DDDA, is exempt from the normal planning process and there is no means of making an appeal against the proposals.

However, a spokesperson for the Ringsend Environmental Group, Damien Cassidy, said that although he has been informed by the Department of the Environment that there is no appeals process, he still intends appealing the decision to the European Commission.

Last month, the Minister for the Environment, Dick Roche TD, approved an increase in the height of the U2 Tower to 100 metres, after initial proposals for the tower suggested that it be 60 metres.

Mr Cassidy said he is opposing the fact that the height of the tower was extended without any public consultation and that there is no appeals process.

"There is a way of taking it to the European Commission on the grounds that it is overshadowing a village and that it is not in accordance with good planning," he said.

Mr Cassidy said he was also opposed to to the development on the basis that the height of the tower could cut sunlight on the entire village of Ringsend during twilight hours.

"I am talking about the shading of Ringsend," he said. "With the sun setting in the west, that means that you won't see a sunset in the village of Ringsend.

"There has been absolutely no consultation with locals about this development," he added.

The landmark tower, which will become the tallest building in Ireland at 100 metres, will be constructed in conjunction with the adjacent Britain Quay Development and will house rock band U2's new recording studios.

The band has been in discussion with the docklands authority on the project since 2001, when the authority sought to purchase U2's studio at Hanover Quay to allow public amenity works relating to the Grand Canal Harbour development.

It is expected that the successful development team will be selected in 2007 and the construction of the tower will commence in 2008.

The U2 Tower will consist of approximately 20,000 square metres of mainly residential space, while the Britain Quay Development will be 11,500 square metres containing a mix of leisure, residential, commercial, arts and culture uses.

The top two floors of the U2 Tower will contain the exclusive recording studios for the band.

Both developments will rise at the confluence of three waterways, the River Liffey, River Dodder and Grand Canal, and will be served by specially designed boardwalks and marinas.
Lar Bradshaw, chairman of the DDDA, said that the tower is one of the most significant architectural projects to be delivered in the regeneration of the docklands.

"Combined with the recently approved planning scheme for a 100 metre tower on the Northside of the Liffey, the U2 Tower will form a dramatic architectural gateway into Dublin city," Mr Bradshaw said.

Posted by Jonathan at 02:47 AM | Comments (0)

June 06, 2006

Apple Relaunches U2 Special Edition iPod

Apple has launched a new edition of the U2-branded iPod that it first introduced in October 2004. The new U2 Special Edition iPod offers an extra 10 GB of storage for a total of 30 GB, and is being sold for a lower price.

Apple said the new U2 iPod can hold up to 7,500 songs, 25,000 photos, or over 75 hours of video. It comes with an all-black stainless-steel enclosure, a red click-wheel, and custom engraving of U2 band-member signatures.

Those buying a U2 iPod will receive 30 minutes of exclusive U2 video for free, downloadable from the iTunes store. The price for the new U2 iPod is $329.

Product Refresh

U2 was created by four Dubliners -- Bono, Larry Mullen, Adam Clayton, and The Edge -- in 1978. The four original band members are still part of U2 today. Bono has become as well known for his global political campaigning as he is for his distinctive singing.

The band's last album, 2004's "How to Dismantle an Atom Bomb," won eight Grammy Awards. Despite the band's continuing popularity, the relaunch of the U2 iPod has left analysts somewhat underwhelmed.

"This is a straightforward product refresh and the continuance of a strong relationship with U2," said Van Baker, Gartner's vice president of research for the media industry.

Zippy Aima, an analyst at Frost & Sullivan, said the rereleased iPod, with its "cool design" and the capability of playing video content, will be something U2 fans will be tempted to own.

U2 Plays Solo

So far, there is no news of any other famous rock bands planning to partner with Apple on cobranded iPods.

"I think that this U2 iPod is probably a one-off, but Apple may do one more at some point in the future," Baker said. "I do not see 10 or 20 of these things."

Nitin Gupta, a Yankee Group analyst, offered a similar take. "I'm sure other bands would want their own branded iPod, but that does not mean Apple would be interested in accommodating them," he said.

Posted by Jonathan at 11:50 PM | Comments (2)

October 27, 2004

Apple Rolls Out IPod Photo, Rocks with U2

10.27.04 - Reuters

By Duncan Martell

SAN JOSE, Calif. (Reuters) - Apple Computer Inc. rolled out on Tuesday a new iPod that allows users to view and share photos as it opened nine new iTunes music stores in Europe, spurring its rivalry with Microsoft Corp. and others.

Apple also has hooked up with Irish rock band U2 to announce the iPod U2 Special Edition, a black model with a bright red click-wheel and holds up to 5,000 songs.

The new iPod Photo, which had been widely anticipated, is a multimedia device with a color screen and comes with 40 gigabytes or 60 gigabytes of storage -- two to three times more than the storage available on its most used music player.

The iPod Photo, partnership with U2, which appears in the most recent iPod television commercial, and a Digital Box Set of more than 400 U2 songs, underscore how digital music, and, arguably Apple, are transforming multimedia and music.

"You're seeing bits of the future here in how the leadership power centers of media are shifting," said Mike McGuire, an analyst with research firm GartnerG2.

"These are the companies that are going to be the next media titans. Does that include Apple? Yes. Does that include Microsoft, Starbucks and others? Yes."

In Europe, where Microsoft was first with online music sales, Apple expanded its iTunes store, the world's most popular online music store which has fueled demand for iPods. Online stores opened in Austria, Belgium, Finland, Greece, Italy, Luxembourg, the Netherlands, Portugal and Spain on Wednesday, allowing consumers in these countries to pay with their local credit card.

The iPod Photo 40-gigabyte version sells for $499 and the 60-gigabyte model for $599. Both immediately available.

"We think photos are the next big thing. Everyone has the content" because of the rapid proliferation of digital cameras among consumers "and there are no copyright issues," Apple Chief Executive Steve Jobs (news - web sites) said at a news conference. "We think music plus photos is the next big thing."

"If you look at Apple's customer base they absolutely are focused around two major areas, one is music and one is photos," said Creative Strategies analyst Tim Bajarin. "This was purely a natural evolution."

The timing of Apple's U2 iPod release coincides with the upcoming Nov. 23 release of the Dublin-based band's new album "How to Dismantle an Atomic Bomb."

The U2 iPod will sell for $349 and is expected to be available in mid-November.

"EVEN BETTER THAN THE REAL THING"

The Cupertino, California-based computer maker also said it created the online music industry's first-of-its-kind "Digital Box Set." The set, "The Complete U2," will contain over 400 tracks including all of the band's albums. Fans will be able to buy and download it with just one click on the iTunes Music Store in the United States and Europe beginning in late November for $149.

Since the iPod's introduction in October 2001, Cupertino, California-based Apple has sold more than 6 million iPods, 2 million alone in Apple's most recent quarter.

Apple remains the undisputed leader in digital music players and online music sales with the iPod, iPod mini and the iTunes online music store.

But rivals are converging on the market, with No. 1 software company Microsoft earlier this month officially launched its own music store. Also earlier this month, Dell Inc. announced a slimmed-down player and Virgin Electronics has weighed in with its own tiny player.

Bono told reporters after he and U2 guitarist The Edge performed two songs from the new album that U2 was not paid to appear in the iPod ads, and that the band and Apple would share profits from the U2 iPod.

"It's a horizontal relationship rather than a vertical one," Bono said. "We will make (money) on the products that we put out together. If they don't sell, we won't."

The Edge said he sees the partnership with Apple as the beginning of a wholesale transformation in the distribution of music, to an online world from a physical one of CDs.

"We wanted to find an innovative way to redefine the distribution of music," The Edge told reporters. "We see it as the next step for the music business."

Posted by Jonathan at 03:58 AM | Comments (0)

June 14, 2004

U2's Bono Joining Venture Capital Firm

6.16.04 - Associated Press

MENLO PARK - Bono, lead singer for rock band U2, has joined a Silicon Valley venture capital firm that plans to invest in media and entertainment projects, according to a published report.

The 44-year-old singer is joining the newly created Elevation Partners, based in Menlo Park, The Wall Street Journal reported Tuesday. The new venture aims to raise $1 billion.

The venture fund was launched by technology investor Roger McNamee and John Riccitiello, former president of videogame maker Electronic Arts Inc. The venture also includes Fred Anderson, who retired this month as Apple Computer Inc.'s finance chief.

Elevation Partners declined to comment, citing Securities and Exchange Commission rules for venture capital firms in the midst of fundraising, according to the newspaper.

The Ireland-based U2 has been one of the most popular rock bands in the world since its founding in the late 1970s.

With funding from the Bill and Melinda Gates Foundation, George Soro's Open Society Institute and the Enter for Global Development, Bono co-founded Debt AIDS Trade Africa, which works with religious groups concerned with global disease and hunger issues.

Posted by Jonathan at 03:42 AM | Comments (0)

December 16, 2002

A Sort Of Homecoming For Club In Hotel Deal

12.16.02 - Irish Independent

Tom Lyons

Bono and the Edge, of rock group U2, have agreed to build a new three-storey facility for less than 5m Euros for the City of Dublin Working Men's Club in exchange for the club's existing building near the Clarence Hotel, the Irish Independent has learned.

Millionaire rockers Bono and the Edge have visited the club just two doors down from the Clarence on Wellington Quay several times to discuss the deal over a period of 18 months. The Clarence Hotel is understood to intend to expand into the Working Men's Club but no spokesperson for the Clarence or U2 was available to comment on the deal.

The Working Men's Club confirmed the deal had been agreed with Brushfield Ltd, a trading name for the Clarence Hotel, which lists Bono, the Edge and businessman Harry Crosbie as directors.

Property and transport magnate Mr. Crosbie refused to comment on the Working Men's Club or any future plans of the Clarence Hotel.

The club itself has 250 members who pay a fee of 30 Euros per annum and is four storeys high with a basement, bar area and concert hall.

Membership, according to the club, is open to anyone recommended by a member and who attends the club regularly. A site on Little Strand Street has already been secured and planning permission granted for the building of a new Working Men's Club. Little Strand Street runs parallel to Ormonde Quay Upper on the North side of Dublin.

Bono and the Edge offered to build the new club to members' specifications, according to club secretary Tony Watters. The purpose-build club will be three storeys high with a bar area, invalid toilets, snooker tables and a concert hall, Mr. Watters said.

Mr. Watters said the club had a number of preservation orders which will have to be incorporated into any U2 architectural design. He said the front facade, old bar, ornate ceilings and other architectural features will have to be retained.

An Taisce's heritage officer, Ian Lumley, said the group would be pushing for the "facade and internal areas to be maintained and properly restored" if there is to be any redevelopment of the club.

Copyright © 2002 Irish Independent. All rights reserved.

Posted by Jonathan at 05:25 PM | Comments (0)

November 14, 2002

U2 Getting High-Rise Studio

11.14.02 - The Associated Press

DUBLIN, Ireland (AP) -- Dublin's docklands redevelopers, who angered U2 by tearing down the group's hallowed old studios, are giving Bono and his colleagues a high-rise penthouse replacement, the two sides announced Tuesday.

"The new Dublin is something I'm really excited about," Bono told a press conference alongside leaders of the Dublin Docklands Development Authority.

Earlier this year the state-backed developers successfully fought U2 in court for the right to tear down a building at Hanover Quay where the band had recorded most of its records since the early 1980s. The building became a place of pilgrimage for U2 devotees, some of whom spray-painted elaborate graffiti on its dingy red-brick walls.

The developers said Tuesday their plans to construct a landmark high-rise at nearby Britain Quay would have one key design requirement: U2 has to get the top two floors for its new studios.

The two sides didn't reveal the financial terms of the deal.

The four-member band is listed at No. 6 on the list of Ireland's wealthiest business people. Together Bono, The Edge, Adam Clayton and Larry Mullen Jr. own a major Dublin property portfolio and boast an estimated net worth of 676 million euros (US$683 million).

As part of Tuesday's announcement, U2 will be given a vote on the committee that picks the winning architectural design for the 180-foot (60-meter) tower.

Bono said he would have preferred to keep the old Hanover Quay studio with all its history and memories.

"There isn't really a price you can put on it. And whatever the Dublin docklands authority offer us, it's not going to be enough, I can tell you that," he said.

Bono said he hoped the tower would surpass most buildings constructed since Ireland's independence from Britain in 1922. Dublin is renowned for its graceful 18th-century Georgian squares and neoclassical British government structures from the 19th century -- and a dearth of inspired construction since.

"I think for all the years of supposed prosperity, Dublin has precious few extraordinary buildings," Bono said. "Developers and builders have gotten away with a lot over the years. ... It was an extraordinary city way back when, but through corruption and cronyism it has been defaced."

Peter Coyne, the developers' chief executive, said he expected the project to attract proposals from around the world, partly because of the U2 connection. He expected construction to begin next autumn and be completed by 2005.

"This is a fantastic project," Coyne said, noting that the Britain Quay site was "a magnificent corner of the docklands, with water all around it."

The Dublin Docklands Development Authority has spent the past decade transforming Dublin's long-derelict waterfront, where the River Liffey meets the Irish Sea east of the city center, into a major new business and residential center for the capital.

Posted by Jonathan at 05:13 PM | Comments (0)

May 02, 2002

U2 Manager Beats Geldof For Radio Licence

5.2.02 - All Ireland Music

U2's manager, Paul McGuinness has beaten off competition from Bob Geldof to secure a new radio station licence for the South East of Ireland. The youth station aimed at 18 to 24 year olds, will be based in Waterford city and county.

McGuinness' Beat 101 consortium which included Waterford Local Radio was awarded the licence over Geldof's Power FM group which included Scandanavian Broadcasting and Barbara Nugent of the Sunday Post.

Geldof is a good friend of the band and like Bono has been very vocal on Third World Debt issues. It's not thought there'll be any animosity over the radio licence permit between the human rights crusader and the bands' manager.

McGuinness will be pleased to have won this licence after failing to win the Dublin youth radio station licence, Spin FM which went on air last month. Earlier this year, the U2 manager picked up an Industry Award at the Meteor Irish Music.

Posted by Jonathan at 04:31 PM | Comments (0)

December 28, 2001

U2 Was Top Money Earner Among 2001 Concert Acts

12.28.01 - Associated Press

DAVID BAUDER, Associated Press Writer

NEW YORK (AP) -- The rock band U2 had the second biggest tour ever during a year in which concert industry business was off but ticket prices continued to rise, an industry trade publication said Thursday.

The top 100 concert tours sold 34.4 million tickets in 2001, down about 7 percent from 37.1 million the year before, according to an analysis by Pollstar magazine.

U2, coming off one of its strongest albums, sold out arenas across the country with a well-received back-to-basics show. They even added dates after the Sept. 11 terrorist attacks.

The band's $109.7 million in estimated ticket sales is second only to the Rolling Stones' gross of $121.2 million in 1994, Pollstar said.

"They made the rock 'n' roll anthems that people like," said Bob Grossweiner, a concert industry analyst. "They attract audiences that are young and old."

The hard-working boy bands 'N Sync and Backstreet Boys were second and third on the list of top earners.

But even those hot acts illustrated a weakness in the industry. Only nine of 43 'N Sync dates sold out, Grossweiner said.

Despite fewer tickets sold, the top 100 acts brought in $1.75 billion in 2001, a record-setting take for the third straight year. The rise initially perplexed Pollstar; editor Gary Bongiovanni attributed it to higher ticket prices.

The average concert ticket cost $43.86 in 2001, up more than $3 from last year's $40.74. Prices were even higher -- an average of $47.66 -- for the 50 biggest acts, Pollstar said. That doesn't include surcharges added to the total bill.

Opera singer Andrea Bocelli had the highest average ticket price, at $161.45. The '80s heavy-metal act Poison had the lowest, at $16.32 per ticket.

In an industry where many acts already perform to empty seats, the concert business could alienate much of its audience if the trend toward higher ticket prices continues, Bongiovanni said.

"The public is clearly willing to pay an average of $100 to see Elton John and Billy Joel together," Bongiovanni said. "The real problem is all the other acts who also think they can command the same lofty prices."

The slowing economy had a greater impact on the business than any after-effects from Sept. 11, Bongiovanni said. The bulk of the year's concert business takes place during the summer.

Although acts like Janet Jackson cancelled European tours, most big acts touring the United States this fall kept their commitments, he said.

If the economy improves, prospects look bright for 2002. Joel and Elton John will stay on the road, and the Rolling Stones may work, too, Pollstar said. Fleetwood Mac, the Who, the Eagles, Paul McCartney and Michael Jackson are other acts either planning tours or rumored to be interested.

Posted by Jonathan at 04:25 AM | Comments (0)

November 28, 2001

December is U2 Month Exclusively on DIRECTV

11.28.01 - FT.com

PR Newswire

Sold-Out U2 Elevation Tour 2001, Plus Additional U2 Programming to be Broadcast Free of Charge

EL SEGUNDO, Calif., Nov. 28 /PRNewswire/ -- DIRECTV Inc., the nation's leading digital TV service provider, will premiere an exclusive U2 television event in December free of charge to its more than 10.3 million residential and commercial customers. DIRECTV will roll out this commercial-free U2 broadcast as part of its DIRECTV(R) FREEVIEW(R) event series to customers beginning Saturday, December 1, and continuing throughout the month.

This original four-hour U2 event will include a concert film of the band's sold-out Elevation Tour 2001, recorded live in Boston this past June. Other than the limited exhibition on DIRECTV, this long-format version is only available on U2's new DVD. In addition, DIRECTV will premiere more than two hours of additional U2 programming including never-before-seen archived interview footage and music videos.

DIRECTV is also aligning with both VH1 and Best Buy to promote the launch of U2's new DVD release featuring the concert film, "Elevation 2001 -- U2 Live From Boston." Through in-store promotions, as well as national print and outdoor marketing, Best Buy will drive demand for the new release and promote U2's television broadcast on VH1 and DIRECTV. VH1 aired a shorter version of the concert film and conducted a radio contest to promote the availability of U2's DVD at Best Buy and the U2 broadcast on VH1 and DIRECTV. DIRECTV will continue the promotion throughout December with extensive print and on-air promotions. While all three companies have worked together in the past, this is the first time they have aggregated their resources to deliver a national promotion designed to generate heightened awareness and demand for U2.

"DIRECTV is proud to be associated with U2, one of the hottest rock bands in history. We know that our more than 10.3 million subscribers will appreciate the chance to see and hear this exclusive compilation of incredible U2 performances all month long," said Michael Thornton, senior vice president, Programming Acquisitions. "The DIRECTV(R) FREEVIEW(R) event series is indicative of our mission to bring the highest level of quality programming to our customers and to deliver exclusive features not available on any other multi-channel service. This collaboration between DIRECTV, VH1 and Best Buy has enabled all three companies to deliver one dynamic platform where musicians can reach millions of fans throughout the United States. We look forward to working with our partners to bring more events and promotions like this to fruition."

Premiering on Saturday, December 1 at 6:00 AM (ET), "U2 Month" will air on DIRECTV channel 103, 24 hours a day through December 31. DIRECTV customers who tune in to the programming block can expect to see U2 perform hits from their illustrious career. Additional footage includes "U2 Legends" produced by VH1; The making of "All I Want Is You," never before seen in the U.S.; "The Sweetest Thing" video; "Bullet the Blue Sky" filmed during the Rock the Vote election campaign; the Trabantland and Lovetown documentaries, and the "Lemon," "Please," "One," and "Beautiful Day" music videos.

DIRECTV began airing its DIRECTV(R) FREEVIEW(R) event series in November 1999 with a concert from progressive rock group YES. Since then, DIRECTV customers have been treated to performance events from artists as diverse as Sting, Paul McCartney, Barry Manilow, David Gray, Neil Young, Journey, Randy Travis, the Go-Go's, Psychedelic Furs, Wynonna Judd and Sugar Ray.

DIRECTV is the nation's leading digital satellite television service provider with 10.3 million customers. DIRECTV and the Cyclone Design logo are trademarks of DIRECTV, Inc., a unit of Hughes Electronics Corporation. FREEVIEW is a registered trademark of Hughes Electronics Corporation and is used with permission. HUGHES is the world's leading provider of digital television entertainment, broadband services, satellite-based private business networks, and global video and data broadcasting. The earnings of HUGHES, a unit of General Motors Corporation, are used to calculate the earnings per share attributable to the General Motors Class H common stock (NYSE: GMH). Visit DIRECTV on the World Wide Web at DIRECTV.com .

For further information, please contact Bob Marsocci of DIRECTV Inc., +1-310-726-4656.

Posted by Jonathan at 04:14 AM | Comments (0)

December 18, 2000

The Edge at Home in Malibu...

12.18.00 - ShowBiz Ireland

U2 star The Edge has splashed out $2 million on a luxury home in Malibu. The 39-year-old guitarist bought the two bedroom house after visiting it three times. He will use it as an American base but continue to live at home in Dalkey, Dublin. The multi-millionaire, whose real name is David Evans, fell in love with the house after he saw it on a visit to Los Angeles.

It has four bathrooms, a swimming pool and a view of the beach.

Malibu is the home to many of Hollywood's rich and famous including Irish actor Pierce Brosnan. Last night a friend of the star said: "It's money well spent as far as The Edge is concerned. "He doesn't just splash out on a house whenever it takes his fancy but he's had his eye on the house in Malibu for a long time. "He went and visited it one last time recently and told them he will take it. "It's going to be a good base for him outside Ireland and he'll be there a few times next year."

The guitarist has recently applied to make £500,000 worth of modifications to his house in Dalkey. He wants to knock down and re-build nearly half his cottage and improve facilities and sewage systems around the house.

U2 will spend most of the first half of 2001 in America on their world tour. The pal said he was delighted with his latest purchase: "He is thrilled to bits to have bought the house. "Malibu is one of his favourite places in the world and he gets the privacy he likes there. "There are so many stars living near by that it's no big deal to see a rock star walking down the road."

Posted by Jonathan at 12:24 AM | Comments (0)

May 22, 2000

U2 to Broadcast Concert on Internet Via Broadband

5.22.00 - Reuters

LOS ANGELES (Reuters) - Rock band U2 has said it will broadcast its popular PopMart Concert for three weeks starting on June 8 using Burst.Com's new broadband delivery technology.

The PopMart World Tour, launched to promote U2's eighth studio album, POP, was a giant, high- tech extravaganza and was held throughout the world in 1997 and 1998.

"As a band dedicated to pushing the technological envelope, U2's PopMart concert is the ideal vehicle to showcase high-quality video-on-demand," said Richard Lang, chief executive of San Francisco-based burst.com.

The concert will be available free for a few weeks at (http:///www.U2.burst.com).

The concert will be delivered with Burst's technology that the company said allows for the best possible video at almost any connection speed.

"The band purposely waited to premiere the PopMart on the Net until there was technology available that could match the tour's cutting-edge visual staging and audio dynamic," said U2's lead guitarist Edge.

"Burst's technology can translate our vision for PopMart to the Internet, enabling us to give something back to our fans."

Posted by Jonathan at 11:20 PM | Comments (0)

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