U2 Rumored To Be Leaving Major Label (Updated)

U2 could be the next band to ditch their record label, Universal Music Group, in favor of a so-called 360 deal with concert promoter-cum-record label Live Nation. These 360 deals were ostensibly designed for up-and-coming artists who are willing to trade merchandise and ticket sales for added label commitment, but high-profile artists like Madonna have found them worthwhile too.

Our favorite 3-dimensional Irish foursome with a Lars Ulrich-like manager could be next (update: it's not; U2 has signed with Universal for another four albums).

Fox News' Roger Friedman wrote,

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 companyconnected to it, Interscope. They are all part of the Universal MusicGroup.

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

Mysources say the group's most recent release, 2004's "How to Dismantlean Atomic Bomb," fulfilled their Interscope contract. UMG also releaseda remastered version of the group’s seminal album, "The Joshua Tree,"
recently. That also may have concluded the contract.

The band could have been considering this move because Michael Cohl, who has helped put together U2 tours in the past, has been promoted to Chairman of the Board at Live Nation. Cole also heads the company's Artist Nation division, Live Nation's own record label.

(fox; via idolator)