U2 Bypass Credit Crunch With Huge Live Nation Shares Windfall

U2 will be given $19million worth of shares in Live Nation as part of their 12-year deal with the concert promoter, it's been announced.

Billboard reports that Live Nation registered 1.56million shares to U2 last week with the Securities and Exchange Commission.

Live Nation took control of the band's touring, merchandising, digital and branding rights earlier this year.

Although the deal is not an all-encompassing agreement – Universal will maintain its control over U2's music – it is expected to prove lucrative for Live Nation.

The band's last world tour, Vertigo, generating nearly $400million between 2005 and 2007.

As previously reported on Gigwise, Live Nation has also recently signed rights agreements with Jay-Z, Madonna, Nickelback and Shakira.