LN Negotiating U2,
Madonna Management

Sources reportedly close to the deal told the New York Times if an agreement is reached, LN could pay more than $30 million for U2 manager Paul McGuinness’ Principle Management and Madonna manager Guy Oseary’s Maverick.

Surprisingly, the deal would also see Oseary taking over management of U2 with McGuinness stepping aside to take a chairman role at Principle, the Times noted.

In a statement to the paper, McGuinness acknowledged the potential management shift.

“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 ’n’ roll code of conduct,” he said. “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.”

LN inked 360 deals that covered touring, merchandising, branding and other ancillaries with Madonna and U2 in 2007 and 2008, respectively.