U2 makes 12-year pact with Live Nation

LOS ANGELES, March 31 (UPI) -- Live Nation said it has reached an agreement to enter into a 12-year global contractual relationship with the famed Irish rock band U2.

"It has long been our intention to consolidate and extend our relationship with U2, so this is a very exciting deal for us," Michael Cohl, chairman of the board of Live Nation and CEO of Live Nation Artists, said in a statement. "The band has always been forward thinking and as one of our original and most successful artists, we are delighted to be able to work with them for many years into the future."

Through this new association, U2 and Live Nation Artists will collaborate on touring, merchandising and the band's Web site, the statement said. U2's longstanding relationship with Universal Music for recording and publishing isn't affected by the Live Nation deal.

"We've been dating for over 20 years now, it's about time we tied the knot," U2's front man Bono said. "With regards to U2.com, we feel we've got a great Web site, but we want to make it a lot better. We want a closer, more direct relationship between the band and its audience and Live Nation has pledged to help us with that."