Live Nation adds U2 to roster

Rock band agrees to 12-year contract with the promotional company.

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Last Updated: March 31, 2008: 7:01 AM EDT

NEW YORK (CNNMoney.com) -- Rock band U2 has agreed to enter a 12-year contract with Live Nation, a live event promotional company that owns and operates more than 100 venues around the country.

Live Nation announced the deal Monday. As part of the agreement, it said it would collaborate with the band on its touring, merchandising and Web site, u2.com.

Arthur Fogel, chairman of of Live Nation's (LYV) global music division has produced live events for U2 since 1997.

"We've been dating for over 20 years now, it's about time we tied the knot," Bono, U2's frontman, said in a statement.

"We want a closer, more direct relationship between the band and its audience," he said.

First Published: March 31, 2008: 6:45 AM EDT

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