U2 have signed a massive 12 year deal with concert promoters Live Nation.

The company will handle the Irish band’s touring, merchandising, digital and branding rights. Details of how much money the deal is worth have not be revealed, yet it will inevitably be highly lucrative.

In typical Bono style, the frontman said of the deal: "We've been dating for over 20 years now. It's about time we tied the knot."

Unlike Madonna’s ground-breaking touring and recording contract she penned with Live Nation in 2007, Universal Music will still own the right’s to U2’s future records. Madonna’s 10 year deal was reported to be worth £60million.

Live Nation Chairman Michael Cohl said of the difference between Madge's deal: "It's not a do or die situation that we have to be involved in the recordings. We'd prefer to, but it's not always available."

(by Scott Colothan)