U2 to live with but without fifth man

In an announcement that has caused shock waves throughout the worldwide music industry, U2 manager Paul McGuinness has revealed that he is stepping down as U2’s manager — although he will still be involved with the business.

McGuinness, who guided the band to worldwide fame and fortune after he started managing them in the late 1970s, is reported to be selling his Principle Management company to the American music giant Live Nation, which previously bought into the Irish promotions company MCD.

The deal will see McGuinness becoming Principle Management’s chairman, with the day-to-day management of U2 being handled by Madonna’s manager Guy Oseary.