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"He's the type of person who'll hit you in the ass and get you going. It doesn't make you a lot of friends, but it's a great ability to have." -- Adam, on Bono |
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"He's the type of person who'll hit you in the ass and get you going. It doesn't make you a lot of friends, but it's a great ability to have." -- Adam, on Bono |
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U2 Gets $19 Million of Live Nation Stock in Accord
Bloomberg,
October 17, 2008
The rock band U2 is getting almost $19 million in shares of Live Nation Inc., the concert promoter, as part of a 12-year contract with the company signed in March.
Live Nation, based in Beverly Hills, California, registered 1.56 million shares in a regulatory filing yesterday with the U.S. Securities and Exchange Commission. The stock will be issued to five individuals designated by the rock band's Evergreen Concepts LLC, according to the filing. Live Nation has been diversifying beyond live performances by signing artists including Madonna and Shawn "Jay-Z" Carter to multiyear contracts that include recording and merchandise, as well as touring. In May, Live Nation registered 775,434 shares and 500,000 warrants for Jay-Z, three months after a similar filing of 1.17 million shares for Madonna. Live Nation fell 48 cents to $11.93 at 4:06 p.m. in New York Stock Exchange composite trading. The stock, which has declined 18 percent this year, is little changed since the deal with U2 was announced on March 31. The New York Times put the value of Jay-Z's deal at $150 million on April 2. John Vlautin, a company spokesman, declined to comment beyond the filing. Lori Earl, a spokeswoman for the band, whose members include singer/frontman Bono, guitarist "The Edge," bassist Adam Clayton and drummer Larry Mullen, didn't immediately comment. © Bloomberg, 2008.
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