U2 To Selloff Live Nation Deal Stock Costing The Company $19 Million

(Reuters) Live Nation Inc will lose about $19 million as Irish rock band U2 moved to sell its shares in the company, the Wall Street Journal said, citing regulatory filings and people familiar with the matter.

Live Nation had guaranteed that U2 would receive $25 million for 1.6 million shares as a part of a 12-year deal signed in March, the paper said.

With Live Nation's shares closing at $3.91 Wednesday on the New York Stock Exchange, the market value was about $6.3 million. - more on this story

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