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U2 Net $19 Million in Live Nation Shares In Touring Deal

October 20, 2008 9:01 AM ET

U2 are set to receive 1.56 million shares of Live Nation, worth roughly $19 million, as part of the 12-year touring contract the band signed with the concert giant earlier this year. The deal, which was signed in March, includes the band's tours, merchandising and their official website. The contract is not an all-encompassing 360 deal however, as U2 will continue to release music through Universal Music. The deal's value was revealed in a regulatory filing with the Securities and Exchange Commission made last week. While U2 will have to ride the rocky stock market before learning the true value of the contract, the deal could potentially reap billions for Live Nation, as U2's Vertigo tour in 2005-2007 made over $400 million in revenues and was the second highest grossing tour of all time. U2 plan to release their new album early in 2009.

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Song Stories

“Try a Little Tenderness”

Otis Redding | 1966

This pop standard had been previously recorded by dozens of artists, including by Bing Crosby 33 years before Otis Redding, who usually wrote his own songs, cut it. It was actually Sam Cooke’s 1964 take, which Redding’s manager played for Otis, that inspired the initially reluctant singer to take on the song. Isaac Hayes, then working as Stax Records’ in-house producer, handled the arrangement, and Booker T. and the MG’s were the backing band. Redding’s soulful version begins quite slowly and tenderly itself before mounting into a rousing, almost religious “You’ve gotta hold her, squeeze her …” climax. “I did that damn song you told me to do,” Redding told his manager. “It’s a brand new song now.”

More Song Stories entries »
 
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