U2 sign 12-year deal with Live Nation

Rock band U2 have agreed a 12-year deal with concert promoters Live Nation to handle the group's touring, merchandising, digital promotion and branding rights, Reuters reports.

Last year Madonna left label Warner Music and signed a lucrative three-album contract with Live Nation.

Unlike the Madonna deal, the agreement will see U2 continue to release albums through their current record company Universal.

Lead singer Bono said of the move: "We've been dating for over 20 years now. It's about time we tied the knot."

Live Nation chairman Michael Cohl added: "U2 has created some of the greatest rock music of all time. It has long been our intention to consolidate and extend our relationship."

Live Nation, which already manages U2's tours, will help the Irish band revamp their online presence.

"We feel we've got a great website but we want to make it a lot better," said Bono.

Cohl said that his company will focus on bringing other major artists to Live Nation rather than develop new acts.

U2's untitled twelfth studio album is scheduled for release later in the year.