Paul McGuinness is set to step down as manager of U2 after 30 years. The New York Times reports that McGuinness is on the verge of selling his company Principle Management to Live Nation.
The move would see McGuinness stepping back to become the chairman of Principle Management.
As part of the deal, the paper says that Live Nation would pay more than €22 million for both Principle Management and Maverick. Maverick is the management company of the singer Madonna and is run by her manger, Guy Oseary.
In a statement to The New York Times, Mr. McGuinness said the time had come for him to step back from U2.
The 63-year-old said he had "resolved to take a less hands-on role as the band embark on the next cycle".
Live Nation - which is listed on the New York Stock Exchange - is comprised of four separate arms, including global event ticketing firm Ticketmaster.
Live Nation Concerts produces 22,000 shows annually for more than 2,300 artists.