McGuinness winds up U2 company.

[Super Yo]

McGuinness winds up U2 company. | Irish Examiner


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[YBORCITY]

Interesting and as usual great find, thanks for posting yo!

 

[Teta040]

God, this is heartbreaking. It means all of Principle's employees: gone. Keryn Kaplan, etc. Did Paul know that LN would liquidate his company when he agreed (was forced) to hand it over to LN? Or did he really do it himself, b/c he didn't want to watch it fill up with LN people? I always thought Principle would die a slow death, the way New Line Cinema is after Warner Brothers bought it. Or to be more honest: I thought they'd have him liquidate it immediately after they bought it.
I'm sorry, this is STILL what I think. the fact that LN bought Madonna's company too, say everything....they have to control it ALL, the bastards. We've seen the results.

Over the past few years LN has bought/absorbed literally hundreds of artists management companies. Most of those are still around. Why did U2's have to be liquidated? If Paul were sick/ready to retire, why didn't he hand his company over to a hand-picked successor, so U2 could remain independent?

So now they're controlled by LN. The shows, merchandising, the fan club, Underworld. They're on their own.

I don't care what cute metaphors Bono said in his letter. This isn't like Don Corleone retiring and handing over the "family business" to Micheal. It's like selling the "family business" to the Solozzo's and only retaining Genco Addodando Olive Oil, only to let "the Turk" get that too. And the Solozzo's put their own button men in there, and then when the Don dies they dissolve it.

Sorry about the Godfather metaphor, but if Bono can talk it so can I.

So the halls will be filled with Live Nation goons now? Do U2 get to keep their longtime security team?Not bloody likely. The family that has surrounded them will be gone. Isn't Willie Williams sharing duties now too?

The band had better hope that O'Seary will fight for them to retain their publishing too, you can bet that someone at Universal will try to get that, even though the band currently own it. As with Micheal Jackson, you can make more money off someone dead...

 

[Popmartijn]

Geez, what kind of bad conspiracy theory B-movie have I just read the script of?

God, this is heartbreaking. It means all of Principle's employees: gone. Keryn Kaplan, etc. Did Paul know that LN would liquidate his company when he agreed (was forced) to hand it over to LN? Or did he really do it himself, b/c he didn't want to watch it fill up with LN people? I always thought Principle would die a slow death, the way New Line Cinema is after Warner Brothers bought it.

LN did not liquidate Principle Management, Paul McGuinness did. And yes, I think he knew exactly that PM would be liquidated when he sold it off to Live Nation. He is a smart business man and had a smart team around him, otherwise he wouldn't have gotten PM where it was until the sale to Live Nation.

I'm sorry, this is STILL what I think. the fact that LN bought Madonna's company too, say everything....they have to control it ALL, the bastards. We've seen the results.

So what does this say? Yes, in these changing times for the music industry where the earning model keeps on changing Live Nation want to have a stake in every aspect for certain artists. Why does that make them bastards?

Over the past few years LN has bought/absorbed literally hundreds of artists management companies. Most of those are still around. Why did U2's have to be liquidated?

Probably because Paul McGuinness wanted to have it liquidated and cash in on it. Why not?

If Paul were sick/ready to retire, why didn't he hand his company over to a hand-picked successor, so U2 could remain independent?

That's not how it works with U2. From what I understand the four members of U2 decide on who they want as their manager. When Paul stepped down he couldn't just hand it over to a successor, at least not without the approval from Bono, Edge, Larry & Adam. And that is what happened. Bono, Edge, Larry & Adam with probably advice from Paul went along with another manager. They hand-picked Paul's successor.

So now they're controlled by LN. The shows, merchandising, the fan club, Underworld. They're on their own.

Not more so than before. And also not more as they want to be. The correct word is probably 'managed', not 'controlled'. Despite dwindling record sales U2 is still a huge force in the music business. Why? Because they control so much themselves.

So the halls will be filled with Live Nation goons now? Do U2 get to keep their longtime security team?Not bloody likely. The family that has surrounded them will be gone. Isn't Willie Williams sharing duties now too?

What makes you think that U2 can't keep their security team? Or other people in their organisation? The band has the control.

The band had better hope that O'Seary will fight for them to retain their publishing too, you can bet that someone at Universal will try to get that, even though the band currently own it. As with Micheal Jackson, you can make more money off someone dead...

:s
I can't even find a way to comment on this... I guess I just repeat my opening line:
Geez, what kind of bad conspiracy theory B-movie have I just read the script of?