U2’s Longtime Manager Announces Retirement
It turns out U2's upcoming album won't be the only new thing about the band in 2014. For the first time in nearly 35 years, they'll also be operating under new management.
Longtime manager Paul McGuiness, who's been responsible for keeping track of U2's increasingly lucrative business dealings since 1979, is stepping down from his position as part of a $30 million deal that will see Live Nation assuming control of McGuiness' Principle Management as well as Maverick, the company founded by Madonna and run by her manager, Guy Oseary. Once the contracts are signed and the dust settles, Oseary will hold the management reins for both acts.
"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," McGuiness explained in an interview with the New York Times. "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 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."
Oseary's first order of business will be promoting the heck out of the next U2 record, which is rumored to be targeted for an April 2014 release. According to recent reports, the band is shopping for brand partners to help start getting the word out as early as the Super Bowl.