U2's McGuinness to Be ‘Less Hands-On,’ N.Y. Times Says

U2 manager Paul McGuinness will take a “less hands-on role” in running the band’s affairs as he nears a deal to sell his management company to Live Nation Entertainment Inc. (LYV), the New York Times reported.

Live Nation is in advanced talks to buy McGuinness’s Principle Management firm and Maverick Records LLC, the company run by Madonna’s manager Guy Oseary, for more than $30 million, the newspaper said, citing people with direct knowledge of the matter.

Oseary will take over McGuinness’s day-to-day management of U2 if the deal is consummated, the newspaper said, citing a statement from McGuinness.

A woman who answered the phone at Principle Management in Dublin said the firm declined to comment to Bloomberg News.

To contact the reporter on this story: Donal Griffin in Dublin at dgriffin10@bloomberg.net

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.