Hannah Kidson ([email protected])
Sat, 05 Sep 1998 15:38:38 +0100
U2, one of the world's top rock groups, has reached on of the most
lucrative deals in the music industry with PolyGram, its record company,
which is expected to earn the band more than £30m ($50m) in advances.
The three-album deal, scheduled to be signed early next week, will
allow PolyGram's Island Records subsidiary to release three 'Best Of U2'
albums.
The first, including recordings from 1980 to 1990 goes on sale in
November.
Paul McGuinness, U2's manager, clinched the deal for the four-member
band against the backdrop of the $10.4bn take-over bid for PolyGram by
SeaGram, the Canadian drinks and entertainment group.
<snip>
The November release of an album by U2, who have already sold more
than 87m albums, is guaranteed to bolster PolyGram's performance during
the vital pre-Christmas sales period.
The U2 deal is well-timed for SeaGram. A large part of the $50m
advance is payable to the band on signing the contract next week, when
PolyGram will be under Phillip's control. However, SeaGram expects to
have assumed control when the first of the albums comes out.
Well, I guess that just about clears up the question of whether
U2 will release a GH album. The Financial Times is a well-respected
paper, and doesn't usually get things wrong! It does look as though the
album will just be a GH album, and not any new or remixed songs.
Hannah
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